Jun 30, 2020
In Redmond, Dana Kindberg Optometry is launching Sports Vision Academy, a new venture that trains athletes to receive and process visual information faster and more accurately. The program begins with a visual acuity test to address any existing vision deficits, then an individual performance baseline is developed to create an athletic profile specific to the sports each patient plays. Other markers such as eye movement, brain processing and reaction time are also measured and tracked.
Effective Sunday, the Seattle Art Museum will begin furloughs and reductions in staff hours as a result of the pandemic. The museum, along with the Asian Art Museum and Paccar Pavilion at Olympic Sculpture Park, has been closed since March 12. SAM has been paying regular wages to all staff since the closures due to donations and a $2.8 million Paycheck Protection Program loan. SAM said it will maintain health insurance for its staff through the end of September. It is working towards a July 31 reopening, but that could change given the uncertainty surrounding the pandemic.
Eugene, Oregon-based electric vehicle maker Arcimoto will retire all of its convertible promissory notes with the repayment of about $769,000 of its notes and the conversion of $1.4 million of debt to equity at $4.25 per share. This comes in addition to the $3.45 million senior secured note that was repaid on June 15. The moves leave the company debt free, except for $1.6 million in equipment capital lease financing.
Spokane-based PotlatchDeltic agreed to sell about 72,000 acres in Minnesota to The Conservation Fund for about $48 million. The deal is expected to close later this year. PotlatchDeltic has a long-term strategy to maximize shareholder value through rural real estate sales. It said nearly all of its ownership in Minnesota is under contract, with a series of closings scheduled to occur through 2022. PotlatchDeltic is a REIT that owns 1.8 million acres of timberlands in several states.
The Port of Seattle formed a partnership with five local nonprofits in an effort to save youth jobs for the summer and beyond. The port's Opportunity Initiative aims to provide summer jobs for 220 youth, ages 16 to 24, who have been adversely affected by the pandemic. Youth unemployment was around 25% in May, according to the port. The $1.5 million initiative is funding job programs at Seattle Goodwill, Seattle Parks Foundation, Partners in Employment, The Aerospace Joint Apprenticeship Committee, and Urban League of Metropolitan Seattle.
For its Spokane Valley office, Allwest hired Dan Benson as area manager and promoted Todd DeMico to engineering services manager and Cole Warrick to materials testing services manager. Benson has over 38 years of construction experience, including 17 years as a construction manager. He spent 26 years at CRH's Americas Materials Division, most recently as business area manager for interstate concrete and asphalt in Sandpoint, Idaho. DeMico joined Allwest in 2019 as a project engineer, and has over eight years of experience in civil and geotechnical engineering construction projects. Warrick joined Allwest in 2012 as a project geologist. He has over 20 years of environmental, geotechnical and materials testing experience in the Inland Northwest. Hayden, Idaho-based Allwest provides civil engineering, environmental consulting and construction materials testing services.
Seattle-based Carpenters Trusts of Western Washington selected Chicago-based Northern Trust to provide global custody, securities lending, foreign exchange and related services for its $2.2 billion in assets. Carpenters Trusts administers fringe benefits to union members and families in Washington, Idaho, Montana and Wyoming. Northern Trust has an office in Seattle, as well as in 22 states, Canada, Europe, the Middle East and the Asia-Pacific region.
The deadline is nearing to apply for this year's scholarships from the Portland Chapter of the Construction Financial Management Association. Scholarships range from $1,000 to $5,000 and are offered to CFMA members, their families and companies, regardless of a student's major. Applications are due Friday. More information is at https://tinyurl.com/CFMA-2020Scholars.