Faraday Future to List on NASDAQ Through Merger With Property Solutions Acquisition Corp. With Estimated $1 Billion in Proceeds

  • Merger to provide an estimated $1.0 billion of gross proceeds to Faraday Future (“FF”), including $230 million in cash held by PSAC in trust assuming no redemptions and an upsized $775 million fully committed common stock PIPE at $10.00 per share.
  • Transaction is expected to fully fund the production of class defining ultimate-performance luxury electric FF 91 within 12 months of transaction close. This transaction also supports the future development of the company’s unique I.A.I system (Internet, Autonomous Driving, Intelligence).
  • FF has adopted a global hybrid manufacturing strategy consisting of its manufacturing facility in Hanford, California and a contract manufacturing partner in South Korea. FF 91 brings to market class-leading luxury and ultimate performance supported by nearly 900 filed or issued patents globally for its Variable Platform Architecture, Propulsion system, and Advanced Internet, Autonomous Driving and Intelligence (I.A.I.) technology.
  • Estimated post transaction equity value of approximately $3.4 billion; combined company to be named Faraday Future Inc. and will trade under the new ticker symbol “FFIE” with transaction close expected in Q2 2021.
  • PIPE anchor investors include leading institutional shareholders from the U.S. and Europe, a Top 3 Chinese OEM, and a Tier-1 city in China.
  • Noted SPAC Sponsor, Riverside Management Group (RMG), is serving as financial partner and advisor to PSAC.
  • All existing Faraday Future shareholders, including management, are rolling all of their equity.
  • https://www.businesswire.com/news/home/20210128005488/en/Faraday-Future-to-List-on-NASDAQ-Through-Merger-With-Property-Solutions-Acquisition-Corp.-With-Estimated-1-Billion-in-Proceeds

Southwest Airlines to begin flights from Fresno airport on April 25

The discount airline based in Dallas, Texas, plans to have a daily Fresno flight to and from Denver starting at $69 each way and three flights to and from Las Vegas starting at $39 each way.

Travelers can connect to more than 50 other cities from Denver or Las Vegas. “We’re boldly launching this eagerly anticipated new year by doubling-down on our consistent commitment to California to offer our value and flexibility to now 13 airports in the state,” said Andrew Watterson, Southwest Airlines executive vice president and chief commercial officer. “Not only does Southwest Airlines celebrate 50 years of service in 2021, we’re gratefully acknowledging the support of Californians who have made us the largest air carrier of fliers traveling nonstop to, from, and within The Golden State for 20 consecutive years.” The airline is accepting Fresno bookings immediately online or by phone at 800-I-FLY-SWA.

https://www.msn.com/en-us/travel/news/southwest-airlines-to-begin-flights-from-fresno-airport-on-april-25/ar-BB1cXQSQ#:~:text=Southwest%20Airlines%20to%20begin%20flights%20from%20Fresno%20airport,offer%20flights%20at%20Fresno%20airport%20in%20spring%202021

Federal government approves Hard Rock casino proposed for south of Bakersfield

The federal government has approved a plan by the Tejon Indian Tribe to operate a Hard Rock Casino resort 14 miles south of Bakersfield. Now it is up to Gov. Gavin Newsom, who must concur with the decision before the plan can become a reality. “From the start of our relationship with the United States government in 1851, our Tribe has fought for a homeland for our people. Today we are two major steps closer to that dream,” Octavio Escobedo III, chairman of the Tejon Indian Tribe, said in a statement. “The Department’s decision enables us to move closer to the promise of self-determination through economic development.”

On Jan. 8, Assistant Secretary of Indian Affairs Tara Sweeney signed a record of decision and issued a secretarial decision finding the proposed site suitable for the tribe’s plans and allowing gaming to take place at the location. Newsom must concur with the federal government’s decision, a choice he has a year to make. If he does, the U.S. Department of Interior can take the land into trust and the tribe will finally have a place to call home. “This has been a long but worthwhile journey for the Tribe and its citizens,” Escobedo wrote. “These decisions are necessary and significant steps toward the development of a tribal homeland for the Tribe, which was landless for more than 150 years.”

In its record of decision, the U.S. Bureau of Indian Affairs said the casino near Mettler best allow the Tejon Tribe to be self-sufficient and maintain a stable source of revenue to provide for governmental programs. The bureau also considered several alternatives, including a smaller casino, an organic farm, an alternate site along Maricopa Highway and no action. However, the bureau said the Mettler site best meets the “purpose and need” of the tribe.

At the Mettler site, the tribe plans to build a 166,500-square foot gaming floor, along with an 11-story hotel with 400 rooms. A convention space, event center, restaurants, RV park, and joint sheriff and fire station would also be located on the site, along with housing and administrative offices. The entire complex is expected to support 3,000 full-time jobs. The project has earned the support of many local officials, including the Kern County Board of Supervisors. Officially recognized in 2012, the Tejon Tribe now counts 1,111 people as its members, the vast majority living in the Bakersfield area, according to its website.

The environmental review process for the site has been ongoing since 2016. With the Bureau of Indian Affairs’ determination, the tribe can finally put the long process behind them. Still, it is not known when the casino can be opened or even built. Scott Nielson, a consultant managing the project for Hard Rock said a number of steps still need to be completed before a timeline could be made public. In his statement, Escobedo thanked federal officials for their decision, along with local supporters and the Seminole Tribe, which owns Hard Rock Cafe Inc. The Florida tribe, he said, “stood shoulder-to-shoulder with us to help make our dream of restoring our land base a close-at-hand reality.”

https://www.bakersfield.com/news/federal-government-approves-hard-rock-casino-proposed-for-south-of-bakersfield/article_80584f06-5c51-11eb-bcb2-8fdb178781d0.html#:~:text=The%20federal%20government%20has%20approved%20a%20plan%20by,decision%20before%20the%20plan%20can%20become%20a%20reality.

Tractor Supply Company is Coming to the City of Merced Soon

The city of Merced announced today that Tractor Supply Company is coming soon. The new business will be opening at the Gateway Marketplace located at Emission Avenue and near the new Arco Station. According to the developers, the store will be Tractor Supply’s new formats and the largest in the market area.

http://www.mercedgwnews.com/tractor-supply-company-is-coming-to-the-city-of-merced-soon-this-is-what-the-city-said/

Wonderful Real Estate Begins Construction of Amenity, Training Center at Industrial Park in Shafter, California

Wonderful Real Estate Development has started construction of a new corporate office building, conference center, wellness center, amenity center and vocational school at Wonderful Industrial Park (WIP) in Shafter.

Spanning 98,000 square feet, the logistics park is slated for completion in first-quarter 2022. The development will include a 61,000-square-foot corporate office component, a 37,200-square-foot vocational training center and an 8,500-square-foot restaurant café space.

The corporate office space will be home to more than 200 Central Valley employees, including those working for Wonderful Citrus, Wonderful Pistachios and Almonds, Suterra, Pom Wonderful and Wonderful Real Estate Development. Additionally, the office space will provide large meeting rooms that will be available to companies within WIP and the community at-large.

The development’s Wonderful Wellness Center will include a gym, exercise classes, healthy awareness programs and access to a mobile clinic. In addition to Wonderful Company’s developments, Walmart Inc. is nearing the completion of a 630,000-square-foot distribution facility at WIP. The highly automated property is optimized for handling, packaging and shipping food. The facility is located on 65 acres that Walmart acquired from WIP in 2018. The facility is slated to be fully operational by spring 2021.

https://rebusinessonline.com/wonderful-real-estate-begins-construction-of-amenity-training-center-at-industrial-park-in-shafter-california/

Valley Children’s Named Among the Nation’s Top Children’s Hospitals in Patient Safety and Quality

For the second year in a row, Valley Children’s was named a Top Children’s Hospital in the nation by The Leapfrog Group for its excellence in patient safety and quality of care. The Top Children’s Hospital award is one of the most competitive honors American hospitals can receive.

To qualify for the Top Hospitals distinction, hospitals must rank at the top among peers in the annual Leapfrog Hospital Survey, which assesses hospital performance on the highest known standards for quality and patient safety and achieve some of the best performance scores in its category. Valley Children’s exceeded the national standards in areas such as: medication safety, patient and family communication, intensive care management, infection prevention, maternity care, inpatient care and pediatric care.

Better care means children get to go home sooner which is why quality and patient safety is central to everything we do. Patient safety and quality of care depends on systems that anticipate and prevent errors before they cause harm. We advocate for patient safety each and every day and provide the highest level of care as shown in our scores that are among the best in the nation. By involving everyone at Valley Children’s – patients, families, doctors, nurses, support staff, visitors and volunteers – we deliver the highest level of care and patient safety with measurable results.

By exceeding Leapfrog’s standards, Valley Children’s provides nationally recognized care to the 1.3 million children in the Central Valley. Valley Children’s has also been recognized by: US News and World Report, Magnet, Antimicrobial Stewardship Center of Excellence and the Commission on Accreditation of Rehabilitation Facilities (CARF) for being among the best.

https://www.valleychildrens.org/quality-and-safety/awards-and-accreditations/leapfrog-group

DOWNTOWN MADERA BREAKS GROUND ON $24.69M HOUSING PROJECT

The City of Madera held a virtual groundbreaking on a new $24.69 million affordable housing project in the city’s downtown district on Tuesday morning. The 48-unit community will consist of two three-story buildings, funded in part by more than $11 million from the California Strategic Growth Council as part of cap-and-trade proceeds. Other funding sources include the city, which owned the parcels, the Redevelopment Successor Agency, Madera County Behavioral Health Services, tax credit equity and private loans.

It’s the first new development that the downtown area has experienced in many years. It could be completed as early as the third quarter of 2021 “We have been trying to make improvements in downtown Madera for years,” said Madera Mayor Pro Tem Santos Garcia in a video released about the project. “For us to be awarded these monies, over $11 million to start this project means more affordable housing and an uplifting of our downtown area, making it a better place for people to come and live, and be able to come and shop.”

The project at the corner of Fifth and C Streets includes 18 studios, 10 one-bedroom, 12 two-bedroom and 8 three-bedroom units geared toward veterans and families Approximately $3.8 million of the award will go to the City of Madera for transit, pedestrian and bike improvements throughout downtown, including 27,000 linear feet of new sidewalks, and an adult bike share program which will be implemented by the Madera Police Department.

A large network of community stakeholders and funding partners worked on the project for over a year including the Successor Agency, Madera County Veterans Service Office, Madera County Behavioral Health, Housing Authority of Madera, Community Action Partnership of Madera County, Madera County Transportation Commission, Madera Downtown Association, Madera County Arts Council, Madera Unified School District, and many others. MORES and Pacific West Communities are the developers for the project. Development services resulting in the grant award were provided by Sigala Inc., a local urban planning and real estate firm.

https://thebusinessjournal.com/downtown-madera-breaks-ground-on-24-69m-housing-project/

Fruit breeders plant seeds of global success

Large investments are being made in the high-tech labs and experimental ag fields where Kern County scientists breed new varieties of fruit to help farmers around the world adapt to shifting consumer tastes, developing markets and changing climates. Two local operations whose intellectual property accounts for varieties covering tens of thousands of acres have recently poured money into new, state-of-the-art research facilities in Wasco and McFarland. One recently opened and the other is under development.

The physical expansions at Sun World and International Fruit Genetics are another positive sign for a local food-innovations industry that, since being spawned by local growers such as carrot giant Bolthouse Farms, has grown to employ dozens of highly educated specialists. Work done at these innovation facilities is not genetic modification, per se, but conventional cross-breeding of plants to bring out desirable traits ranging from a crisp crunch to a long shelf life. The activity is increasingly important to the future of global agriculture, said the president of the California Fresh Fruit Association, Ian LeMay. He said Kern County is fortunate to have some of the field’s major players.

After decades in which industry concerns dominated, such as a variety’s ability to withstand long shipments, he said growers now must respond to consumers’ ever-more sophisticated demands for grapes with a certain flavor or an apricot with just the right blush. The task becomes more complicated when considering that tastes vary significantly depending where the fruit is sold. “You have growers now really looking and listening to what that consumer demand is and making appropriate decisions to plant what’s in high demand,” LeMay said.

The same holds true for farmers looking to increase their yield per acre and reduce the amount of cold weather their orchards need to produce properly. LeMay said fruit breeders help address these kinds of challenges. Kevin Andrew, senior vice president at Bakersfield-based farming company Illume, which plants varieties developed by Sun World and IFG, said local fruit-breeding has created noticeable improvements in fruit. He recalled telling someone years ago that if grapes tasted better, sales would rise. “Sometimes the box had more flavor than the grapes,” said Andrew, a former chief operating officer at Sun World. He added that new flavor profiles seem to have actually changed consumer preferences.

While much of Sun World’s and IFG’s efforts are focused internationally, local shoppers may recognize some of the company’s innovations. IFG came up with the table grape variety that tastes like cotton candy, for example, and Sun World’s corporate lineage introduced the first seedless watermelons, sweet red peppers and vine-ripened tomatoes. Sun World, based in Palm Desert with a substantial local presence, was founded in the mid-1970s in Bakersfield as a packer and marketer of fresh produce. Its acquisition in 1989 of Superior Farming Co., a substantial local landowner at the time, gave Sun World its start in fruit breeding.

After a series of corporate changes including its 2013 purchase by Los Angeles investment firm Renewable Resources Group, which still owns the company, Sun World sold the last of its food-production operations in May 2019 to tighten its focus on fruit breeding. That kind of work used to be done in the Fresno area by the U.S. Department of Agriculture and by the University of California. But as public investment in the activity has waned, Sun World President and CEO David Marguelas said, private industry has stepped up. Focused on table grapes and stone fruit, the company now has more than 300 registered trademarks and licenses 1,700 growers in places like Chile, Israel, South Africa and Spain.

It has gone from zero licensed acres of planted crops in 2001 to 12,000 acres in 2010 and about 50,000 this year, Marguleas said, adding the company charges a percentage of royalties based on the quantity of fruit produced and sold by its licensees. He said the company has 30 employees stationed around the globe to help farmers maximize their yields and produce consistent quality. Sun World’s new Wasco research facility, at 17,000 square feet, is four to five times larger than its previous facility nearby. It’s surrounded by 160 acres of farmland used for research and development.

The company’s team of about 20 chemists, biologists and molecular scientists evaluates as many as 70,000 seedlings a year. Of that, only two or three table grape varieties emerge on the market, along with half a dozen stone-fruit varieties, Marguleas said. “It’s a very imprecise process, which results in a lot of eventual precision,” he said, “in that we’re looking for just the right, perfect new seedless grape, the perfect red-fleshed plum with loads of natural sugar and antioxidants and the perfect apricot with a nice sort of blush and wonderful apricot aroma.” He estimated that the process of coming up with a new variety takes eight to 10 years. What’s sometimes tricky, Marguleas said, is looking into the “proverbial crystal ball” to anticipate what consumers will look for a decade from now. A company goal that doesn’t rely on guessing, he said, is coming up with fruit that can be grown in more environmentally sustainable ways, requiring fewer soil amendments, chemicals and water.

IFG, a friendly local competitor of Sun World, was founded in 2001 by a former Sun World plant breeder. With offices in Bakersfield and a research center in Delano, IFG’s focus has been on improving consumers’ experience on eating grapes, raisins and cherries, CEO Andy Higgins said. Having outgrown its existing buildings and fields, the company bought land this year in McFarland, where it has already begun planting experimental varieties and expects to begin construction in spring on four buildings totaling about 35,000 square feet.

The project will add space for cold storage, administration, training, post-harvest evaluation and a full laboratory. Part of the idea, Higgins said, is to make the company more attractive for the sake of bringing in top talent. It currently employs about 20 scientists, he added. IFG licenses its varieties to farmers in 14 countries combining for more than 70,000 acres of trademarked produce. It has 45 patented varieties and more than 1,000 licensees.

Though table grapes have been a mainstay, Higgins said, raisins have become a focus because of industry demand for new varieties. There’s also been an emphasis on cherries because changing weather patterns have created a need for trees that don’t require as many “chill hours” to produce quality fruit. Higgins said the company is happy to help. “We’re proud to be a part of the community and doing these things that are ultimately changing the world’s perception of a major category” of produce, he said.

https://www.bakersfield.com/news/fruit-breeders-plant-seeds-of-global-success/article_894a0c58-3bea-11eb-b789-ab6fc3fa5119.html#:~:text=%20Fruit%20breeders%20plant%20seeds%20of%20global%20success,planted%20crops%20in%202001%20to%2012%2C000…%20More%20

Merced irrigation firm opens Tulare storefront

A Merced-based farm irrigation system retailer has made its first foray into the South Valley with a new Tulare storefront. Central Irrigation specializes in agricultural irrigation system design and installation, ranging from full ranch development to simple maintenance. The new Tulare store joins existing retail locations in Merced and Chowchilla.

https://www.newsbreak.com/california/merced/news/1524317962564/merced-irrigation-firm-opens-tulare-storefront

Southwest Airlines Intends To Serve Fresno And Santa Barbara

“Our arrival in the Heart of California, both on the Central Coast and in the Central Valley, will round out nearly four decades of investment in our California Customers and communities,” Southwest Airlines Chief Commercial Officer & Executive Vice President Andrew Watterson said. “While other airlines seem to fall in and out of love with the state, we’re focused on increasing the reach of our low fares and flexible policies in places where we expect them to make a difference.”

“For years residents and businesses throughout Central California have expressed a desire for Southwest service and connectivity to their vast network of destinations and renowned customer service,” said Kevin Meikle, Director of Aviation for Fresno Yosemite International Airport. “Southwest will expand the Central Valley’s air transportation gateway to Yosemite, Sequoia and Kings Canyon National Parks, and we look forward to our new partnership with Southwest and their arrival in the spring.” “We salute Southwest’s bold decision to enter one of the most vibrant and beautiful regions in California, bringing visitors to our sweeping coastline to experience our mild Mediterranean climate and distinctive Spanish-influenced architecture,” said Mayor Cathy Murillo of Santa Barbara. “For our residents, our partnership with Southwest will energize the economic rebound to come in 2021.”

Along with Palm Springs, which received its first Southwest flight on Nov. 19, 2020, the addition of Fresno and Santa Barbara will position Southwest Airlines as an option in 13 California airports before summer 2021, further deepening the carrier’s commitment to the Golden State. Southwest long has carried more air travelers to, from, and within California than any other carrier, a legacy sustained in the most recent reporting of U.S. Department of Transportation data on airline passengers traveling nonstop.

https://www.bloomberg.com/press-releases/2020-12-16/southwest-airlines-intends-to-serve-fresno-and-santa-barbara#:~:text=Southwest%20Airlines%20Intends%20To%20Serve%20Fresno%20And%20Santa,International%20Airport%20in%20the%20second%20quarter%20of%202021.