In This Issue:

• STATE ALREADY FACES MULTI-BILLION DOLLAR DEFICIT

• AB 32 GREEN BUILDING CARBON CREDIT / CARBON FOOTPRINT STUDY

• AB 32 REGULATIONS TO FOCUS ON ENERGY EFFICIENCY

• NAIOP SESSION WITH CITY MANAGERS

• 2008 INDUSTRY AWARDS GALA

• CBPA 2008 CALENDAR

STATE ALREADY FACES MULTI-BILLION DOLLAR DEFICIT

“I am shocked that this budget has a deficit, just shocked!”

Less than three weeks after the 2008-2009 State Budget was signed, Legislative leaders held an emergency meeting to discuss a $5 billion gap in the current year's budget, a shortfall of state cash, and what could be a '$15 billion to 18 billion deficit' for the 2009-10 budget year.

The credit crunch is such that the Governor has taped a one-minute radio ad encouraging Californians to buy short-term bonds as the state prepares to borrow $4 billion next week.
 

AB 32 GREEN BUILDING CARBON CREDIT / CARBON FOOTPRINT STUDY

As part of the AB 32 process, several major Real Estate Groups including California Business Properties Association, Building Owners & Managers Association of California, National Association of Industrial & Office Properties California Chapters, National Association of Industrial & Office Properties National, and International Council of Shopping Centers have funded efforts to quantify energy efficiency of new and existing buildings, and to think through the most efficacious way to incent energy efficiency under the regulatory scheme. Click here to read more about the Carbon Footprint Study
 

AB 32 REGULATIONS TO FOCUS ON ENERGY EFFICIENCY

Under AB 32 regulations currently being formulated, the state plans aggressive cuts in greenhouse gas emissions, but some are beginning to acknowledge that some of the grand plans for the state may be trickier in the middle of melting down markets.

"We are very mindful of the fact that people are nervous about the economy," Mary Nichols, chairman of the Air Resources Board, which is planning the state’s carbon reduction plan. "I don't want to say we are in favor of bad times, because we are certainly not, but the fact that we are in a time when energy prices are so high actually is a help in reminding people that the cost of emitting greenhouse gases is the cost of wasted energy," she recently said at an environmental forum.

"We know we also need new technologies and transformative technologies, and some of those are going to be moving online, but I think for the next year or two we're going to see people looking at stuff they can do to save money on their electricity bills, on their natural gas bills and be willing to move forward those projects that have the greatest likelihood of producing savings quickly," she added.

This seems to be a clear signal that regulators will look toward energy efficiency increases in new and existing buildings to be a big part of the plan. We agree that there are a lot of savings to be had from this sector and hope to work with the state to assure that regulations are efficacious as possible using a combination of incentives, market forces, and regulations grounded in cost-effectiveness and technological feasibility.
 

NAIOP SESSION WITH CITY MANAGERS

You are invited to attend a Sacramento area luncheon and City trade show addressing commercial real estate development opportunities. Sacramento area City Managers will address the incentives available to commercial developers in their city and identify local opportunities and challenges that developers may face. The luncheon is Thursday, October 30, in Sacramento. Click here for more information.
 

2008 INDUSTRY AWARDS GALA

The Industry Awards Dinner is scheduled for October 23, 2008 at The Island Hotel in Newport Beach. This event is not to be missed as it is a chance to recognize the unwavering leadership of individuals and companies dedicated to our industry. Click here for more information about the honorees and for sponsorship information.
 

CBPA 2008 CALENDAR

October 23-

CBPA Board Meeting
The Irvine Company, Newport Beach

2008 Industry Awards Dinner
Island Hotel, Newport Beach