Daily Business Report: February 5, 2024
Report: NAVWAR produces $3.1 billion
economic impact on San Diego region
By Alexander Nguyen | KPBS
San Diego’s Naval Information Warfare Systems Command accounts for more than $3.1 billion in gross regional product (GRP) for the economy, according to a report released last week by the San Diego Military Advisory Council and the University of San Diego’s Knauss School of Business.
The report compiled by USD researchers found that in Fiscal Year 2022, NAVWAR was responsible for between $3.14 billion and $3.38 billion in GRP. Additionally, it employs more than 5,300 people and, when wages and benefits are considered, that workforce brings $910 million to the local economy.
The 2023 Military Economic Impact Report released last October shows total defense spending is 25 percent of the county’s economy.
Top Photo: The report comes at a time when the Navy is looking to redevelop the 70.3-acre Naval Base Point Loma Old Town Campus, home to NAVWAR. (U.S. Navy photo)
______________________________________
City seeks buyer to turn Downtown
building into affordable rental homes
In an effort to create much-needed affordable homes, the City of San Diego is looking for an individual or organization to purchase, redevelop and operate a city-owned building in Downtown as 100 percent affordable multi-family rental housing.
The city issued a Request for Proposals (RFP) for the 26,500-square-foot, three-story building located at 1401 Imperial Ave. The property, which sits in East Village across from Tailgate Park, currently serves as the city’s Homelessness Response Center (HRC).
The San Diego Housing Commission (SDHC) operates the HRC, along with City, People Assisting the Homeless (PATH), the Regional Task Force on the Homeless (RTFH) and other homelessness service providers. The SDHC will continue to operate it during the RFP and negotiation process.
The project requires that 100 percent of rental homes on the property go to low or moderate-income people and families. Proposals must be submitted to the City by May 1, 2024, at 5 p.m.
______________________________________
Plan to change California recall elections moves forward
By Lynn La | CalMatters
A sweeping change to California elections took a big step forward last Thursday — a measure to revise statewide recalls.
For Gov. Gavin Newsom’s 2021 recall election, voters were faced with two questions on the ballot: Should the governor be recalled? And if he is recalled, who should replace him?
But the proposed constitutional amendment, which passed the Senate on a 31-7 vote and now heads to the Assembly, aims to get rid of that second question. Introduced by Democratic Sen. Josh Newman of Fullerton, the measure would allow the lieutenant governor to be installed if a governor is recalled.
By doing so, it would prevent recall campaigns from being hijacked for “political opportunism and gamesmanship,” Newman said in a statement, and prevent a candidate who didn’t receive a majority of the votes from becoming governor.
After the failed 2021 recall, there was an immediate push to change the rules, but the momentum had evaporated, until this week. If it gets through the Legislature, the amendment would go before voters in November.
______________________________________
First Little Blue Penguin hatched at Birch Aquarium
For the first time, a Little Blue Penguin has hatched at Birch Aquarium at Scripps Institution of
Oceanography. The chick made its debut on New Year’s Day in the aquarium’s Penguin Care and Conservation Center in Beyster Family Little Blue Penguins.
“Our team is beyond excited to welcome this adorable new addition to the Birch Aquarium family! Our penguin colony is truly a diverse group, comprised of individuals from five different zoos and aquariums,” said Kayla Strate, assistant curator of birds.
For now, the chick will remain behind the scenes as the first few months are crucial to its development. The chick is the offspring of Cornelius (male) and Pink/Black (female), however, it is being hand-raised by the aquarium’s penguin care team. This is a labor-intensive task that requires expert-level avicultural skills according to Strate. The sex of the chick will be announced soon.
______________________________________
Ballots go out to registered voters for March presidential primary election
Over 1.9 million ballots are on their way to the County’s registered voters for the March presidential primary election Voters should receive their ballots this week. The official ballot packet will also include an “I Voted” sticker.
Early voting begins Monday, Feb. 5 at the Registrar of Voters office in Kearny Mesa. Hours run from 8 a.m. to 5 p.m. Monday through Friday. However, the Registrar’s office will be closed Monday, Feb. 19 in observance of Presidents Day.
The Registrar encourages voters to take advantage of the convenience of voting by mail. You can vote from home and return your ballot through the mail – no postage needed – or to any of the Registrar’s official ballot drop boxes starting Tuesday, Feb. 6 through the final day of voting Tuesday, March 5.
Remember to sign and date your return ballot envelope. You must sign your return envelope for your vote to count.
______________________________________
James M. Cox Foundation awards $100,000
to Chicano Federation for flood relief
The James M. Cox Foundation has awarded a $100,000 grant to the Chicano Federation to support its emergency relief efforts in the wake of the San Diego floods on Jan. 22. The Chicano Federation is providing emergency assistance to dozens of residents who were displaced from their affordable housing units in City Heights and Shelltown, two low-income neighborhoods hit hardest by flooding. Many residents also lost their vehicles to water damage.
Visage launches Visage Ease VP for Apple Vision Pro
Visage Imaging Inc., a wholly owned subsidiary of Pro Medicus Ltd., announced the launch of the groundbreaking Visage Ease VP for Apple Vision Pro, Apple’s highly anticipated spatial computing platform released Friday. Designed to take advantage of the unique capabilities of Apple Vision Pro, Visage Ease VP supports immersive, spatial experiences for diagnostic imaging and multimedia. UC San Diego Health is the first health system to pilot the technology.
Inmagene exercises option to obtain
worldwide license for two of its products
Inmagene Biopharmaceuticals, a clinical stage biotechnology company developing innovative and differentiated therapies for immunological and inflammatory diseases, announced that it exercised the option to obtain an exclusive, worldwide and royalty-bearing license for IMG-007, a non-depleting humanized anti-OX40 mAb, and IMG-004, an oral non-covalent and reversible BTK inhibitor, with the right to sublicense through multiple tiers.
C Squared Social celebrates 13 years
C Squared Social, founded in 2011 by brothers Cassidy and Caleb Crail, is celebrating its 13th year with offices in Carlsbad and Meridian ID. C Squared underwent a complete company rebrand in December 2023, launching refreshed ads on all platforms, content, and website design. The evolution of branding is reflective of C Squared Social’s dedication to modern marketing strategies.
PriceSmart announces 26 percent increase to annual dividend
PriceSmart, Inc., operator of 53 warehouse clubs in 12 countries and one U.S. territory, announced a 26 percent increase to its annual dividend. The board declared its annual cash dividend in the total amount of $1.16 per share, with $0.58 per share payable on Feb. 29, 2024 to stockholders of record as of Feb. 15, 2024 and $0.58 per share payable on Aug. 30, 2024 to stockholders of record as of Aug. 15, 2024.
Sempra Infrastructure and JBIC develop strategic collaboration
Sempra Infrastructure, a subsidiary of Sempra, announced that it has entered into a memorandum of understanding (MOU) with the Japan Bank for International Cooperation to cooperate on opportunities to advance the energy transition. Sempra Infrastructure and JBIC aim to further project structuring to improve the global energy supply chain through liquefied natural gas (LNG), hydrogen and other decarbonization efforts in both the United States and Japan.
Sempra named one of World’s Most Admired Companies
Sempra has been named one of the World’s Most Admired Companies for 2024 by Fortune Magazine, marking the 14th year the company has been recognized as a top global business with strong corporate reputation. Sempra’s three growth platforms – Sempra California, Sempra Texas and Sempra Infrastructure – help deliver energy to 40 million consumers, representing roughly 10 percent of the U.S. population.
MedImpact Healthcare Systems acquires Elixir Solutions
MedImpact Healthcare Systems Inc., one of the nation’s largest independent health solutions, technology, and pharmacy benefit management provider, announced that it has completed the acquisition of Elixir Solutions. This is the latest addition and part of MedImpact’s ongoing reinvestment strategy. The acquisition expands the company’s portfolio of clinical, technology, health risk management, and consumer empowerment capabilities.
Metropolitan Transit System to boost security
Metropolitan Transit System (MTS) unveiled plans to improve security on its Trolley and bus system. This comes after a recent passenger satisfaction survey MTS carried out found riders want a larger security presence. MTS officials announced the security initiatives the agency is taking such as increasing the number of officers, improving visibility and response times. Based on the survey’s findings, last year the MTS Board approved a $4.2 million increase to the security budget to add more Code Compliance Inspectors.
Visionary Dance Theatre changes to Mounarath Powell Dance
Visionary Dance Theatre, a dance company and school for the performing arts in La Mesa, announced a rebranding initiative to celebrate its 15th anniversary and the long-standing partnership of its founders, Spencer John Powell and Mickey Mounarath. The name Mounarath Powell Dance will officially replace Visionary Dance Theatre and will represent the new organizational home of the Mounarath Powell Dance Theatre, Company, and Performance Space, Kidz Danz Kompany, Kidz Act Up, and Arts4Us.
The Original 40 Brewing Company releases PB&J Sour
The Original 40 Brewing Company has released PB&J Sour on draft at its North Park brew pub. The 5 percent alcohol-by-volume beer pays homage to the favorite childhood sandwicy, and it’s made with real grape juice, blackberries, raw peanuts, and vanilla — all balanced wih a moderate tartness. The dog-friendly brewery, which was named after the original 40-acre parcel of land that became modern day North Park, is located at 3117 University Avenue.
