airplane engine testing buildin mpleted during ! 955 for aires manufacturing co by joint vt uta construction com typical view of rood being performed by o uta , sponso for the colombian government total contracts to date have amounted to 32,500,000 the colombian national highway expansion includes road buifding such as a modern bridge shown below in comparison with ihe old former structure land held for resale and development our annual report for 1954 set forth in some detail the principal lands owned by your company that are held for development and resale during 1955 most of our activities on these projects were devoted to basic planning and to preliminary work with regard to zoning and other mat ters necessary to ready the lands for future development in the case of both the moraga and alameda properties opposition was encountered from certain segments of the population in the areas affected from the standpoint of timing utah construction company has felt that it should initiate large scale development on the alameda project to that end a contract was negotiated with and approved by the city council of alameda whereby utah construction company obtained the right to fill the tidelands that it owns from fill material located under waters of the san francisco bay and controlled by the city of alameda in exchange for an obligation to sell certain lands to the city for public pur poses at a price far below the going market value of those lands the con tract also included certain other stipulations with regard to zoning lot size street widths and other matters designed to protect the interests of adjoining property owners a minority group of citizens of alameda which felt that its interest would be adversely affected has attempted to prevent the development and by referendum succeeded in calling an elec tion for the purpose we are pleased to report that at a special election the electorate of alameda sustained our contract with the city with 26 of the 28 precincts voting in favor of our proposal by the close of the year plans were well under way for the filling of approximately 375 acres on the south shore of alameda the work will be performed for a reclamation district by utah dredging company a wholly owned subsidiary which will employ a new 30 dredge purchased and designed for the purpose this dredge is believed to be'the most efficient of its type and capable of performing the work involved at lower costs than could be obtained in any other manner upon completion of the fill the land will be developed for residential and commercial purposes the 5,000 acres controlled by your company in the moraga valley near oakland california remain largely in our hands here too we were beset by opposition to our proposed zoning but we are confident that these matters will ultimately be worked out to the best interests of all concerned during the year we sold approximately 190 acres at prices that were extremely favorable in relation to our cost and further substan tiated our conviction that the moraga lands were purchased on a favor able basis and will over the years required to develop them produce satis factory profits during the year your company continued to investigate possible pur chase of other residential commercial or industrial properties that could be acquired and developed on a favorable basis we remain convinced that continuation of a program for acquiring strategically located lands offers an opportunity for further profits for your company off the south shore of the city of alomedoi the diedge delivered in october 1955 cost approximately 2,000,000 and is one of the largest and most powerful of its type in the world