Daily Business Report-July 17, 2020
Capital investors appear confident in theSan Diego innovation ecosystem.
San Diego venture capital heats up through summer
The region sees another record quarter of capital funding with $1.2 billion invested
San Diego has seen an immense amount of venture capital funding pour into the market, averaging $1.9 billion annually since 2015. 2020 is already on pace to exceed the previous record levels set in 2018 and 2019, according to a JLL report.
Since 2018, venture capital funding has totaled $6.8 billion. Q2 2020 continues this momentum with nearly $1.2 billion invested, which is the largest quarter on record with 93 percent of funding in life sciences ($875 million) and tech ($244 million). Q2 2020’s funding was up 42 percent year-over-year and up 88 percent quarter- over-quarter. Q2’s funding quarter has put 2020 in a solid position to set a another new annual record for the market.
Venture capital has sparked real estate decisions and additional jobs, allowing companies to grow their overall footprint, especially for life sciences and technology firms. Over the last two years, life science companies who have leased spaced after acquiring funding, have averaged $61 million per round and leased 36,784 square feet within 105 days of receiving their capital.
Lookingforward, capital investors appear confident in theSan Diego innovation ecosystem. After just a few weeks into Q3 2020, VC funding has already produced three deals totaling $150 million.
_______________________________________
San Diego County property tax roll tops $600 billion
Hits record high with 8th straight year of growth
San Diego County’s property tax roll for 2020 topped $604 billion, a record-setting value reflecting an increase of 5.18 percent, or $29.78 billion, over last year, County Assessor Ernest Dronenburg Jr. reported.
The 2020 assessment roll is comprised of 1,004,808 real estate parcels, 56,689 business personal property accounts, 13,444 boats and 1,554 aircraft. The county’s net assessed
value is $581.53 billion after deducting $23.22 billion from a record high reduction of property tax exemptions that saved over $230 million for homeowners, disabled veterans, and charitable organizations.
“The 2020 property tax roll reflects a robust real estate market as of the state mandated Jan. 1, 2020 valuation date,” said Dronenburg. “Properties impacted by COVID-19 will have their values reflected in the 2021 assessment roll per state law, however, my office is proactively working to provide relief to COVID-19 impacted taxpayers.”
Without Proposition 13, many homeowners and seniors on fixed incomes would have seen their property taxes double or triple within the last few years causing them to potentially lose their homes in order to pay their property taxes, said Dronenburg.
The 2020 assessment roll reflected record property tax savings for taxpayers, according to Dronenburg. The Taxpayer Advocate outreach program with the exemption teams qualified over 480,000 homeowners for over $36 million in savings from the Homeowners’ Exemption, saved 10,108 San Diego County 100 percent disabled veterans over $14,000,000 in property taxes using the Disabled Veterans’ Exemption, and qualified over 5,000 welfare institutions such as schools, churches, museums, and non-profits for property tax relief savings of over $230 million.
_______________________________________
The hidden toll of California’s Black exodus
Around 275,000 Black Californians have left high-cost coastal cities in the last three decades, sometimes bound for other states or cities, but more often to seek their slice of the American dream in the state’s sprawling suburban backyard.
_______________________________________
Murphy Development to add Freshly Prepped Café
at the The Campus at San Diego Business Park
Murphy Development Company announced that it will be adding Freshly Prepped Café at The Campus at San Diego Business Park, a 38-acre, three-building, 670,448-square-foot business campus located at 2001, 2055, and 2065 Sanyo Ave. in Otay Mesa.
Cafés are a rare amenity at industrial complexes as they are more common in office projects.
Freshly Prepped Cafe will offer tenants of The Campus with breakfast and lunch options beginning in August. Breakfast items will include coffee and tea, espresso coffee drinks, cold pressed juices, pastries, yogurt parfaits, egg dishes, oatmeal and bagels. The lunch options will include deli sandwiches made to order, soups, salads, and hot dishes.
MDC purchased The Campus at San Diego Business Park from Panasonic Corporation of North America in 2017. Later that year it completed a $15 million renovation which included new landscaping, outdoor amenities, new energy-efficient glass, new lobbies, additional dock-high and grade doors, and solar system upgrades.
The completely fenced and secure Campus is C-TPAT (Customs-Trade Partnership Against Terrorism) certified, which expedites international cargo processing.
JLL’s Andy Irwin and Joe Anderson are overseeing leasing.
Freshly Prepped is a locally owned and operated culinary brand established in San Diego in 2014. Cultivated by owner Sarah Lopez of Chula Vista, who is a wife, mother of five, and duel business owner.
_______________________________________
San Diego Continuing Education to hold joint
virtual commencement with SDUSD
San Diego Continuing Education (SDCE) will award more than 6,000 diplomas and certificates today during a joint virtual Commencement ceremony with San Diego Unified School District (SDUSD) at 3 p.m.
Brian Yamase, a frontline health worker, will be SDCE’s student speaker. Yamase was born in California and raised in Japan and New Zealand. At 20 years old, he came to San Diego to become a nurse practitioner, finding a head start into the medical field at SDCE.
“I only had a month to prepare for classes, but I was determined to become an educated nurse,” said Yamase. He completed an Acute Care Nursing Assistant certificate in the spring. “The lectures given at SDCE were very conducive in helping us work in a hospital setting.”
Following a campus career presentation Yamase gained employment with Sharp Healthcare. An achievement he credits to free education at SDCE. This fall he will transition to San Diego Miramar College.
_______________________________________
SD Community College District to award
more than 12,000 degrees, certificates
More than 12,000 degrees and certificates are being awarded today by the San Diego Community College District (SDCCD), a record. Graduates will be recognized during virtual commencement ceremonies starting with San Diego Mesa College at 10 a.m., San Diego Miramar College at 1 p.m., San Diego Continuing Education at 3 p.m., and San Diego City College at 5 p.m.
_______________________________________
North County Transit District to get 11 new
commuter rail cars for Coastal service
Bombardier Transportation has been awarded a contract with the North County Transit District (NCTD) for 11 new commuter rail cars for the Coaster service.
The agreement was signed on July 7, 2020, following authorization by NCTD’s Board of Directors at its April 2020 meeting and funding by the California Transportation Commission at its June 2020 meeting.
With the purchase of these rail cars, NCTD will be in a position to significantly increase service frequencies to 30-minute headways and begin state of good repair replacement of current legacy Coaster coaches and cab cars over the coming years.
The base order, valued at approximately $43 million, includes eight coaches and two cab cars to support the San Diego Association of Governments (SANDAG) 2050 Revenue Constrained Regional Plan (Regional Plan) for increased service levels, as well as an additional cab car. NCTD also has the option to purchase up to 27 additional cars to support its ongoing state of good repair needs.
_______________________________________
2 water recycling projects in county to receive
$115 million in incentives from MWD
Two water recycling projects in San Diego County that ultimately will yield about 5.2 billion gallons annually will receive up to $115 million in incentives from the Metropolitan Water District of Southern California.
In separate actions Tuesday, Metropolitan’s Board of Directors voted to provide the funding to the San Diego County Water Authority and its project partners for water produced by the East County Advanced Water Purification Project in Santee and the Escondido Filtration Reverse Osmosis Facility. These projects are projected to yield a combined 16,000 acre-feet per year.
The East County Advanced Water Purification Project will treat wastewater locally to produce purified water, which will be conveyed to Lake Jennings for later distribution. The project is a collaboration among Padre Dam Municipal Water District, San Diego County, the city of El Cajon, and Helix Water District. The Escondido Filtration Reverse Osmosis Facility, owned and operated by the city of Escondido, will treat wastewater for agricultural irrigation.
Metropolitan’s Local Resources Program provides incentives for member and local agencies to develop new local water supply projects to reduce demand on imported water and increase water supply reliability throughout Southern California. Since the inception of the program in 1982, Metropolitan has provided financial assistance for the production of over 1.2 trillion gallons of recycled water and recovered groundwater.
