left utah's south shore project on the horeline of the city of alameda california ivides modern shopping facilities and one of ! most popular beaches on the san francisco bay right aerial view of moraga in the m francisco east bay area showing home les being constructed on former ranch lands sfcsww area the company acquired control of 5,000 acres in 1954 in sub sequent years approximately half of this project including a major parcel which was liquidated in 1965 has been sold to homebuilders while 2,362 acres of land remain for sale and will yield additional profits in future years the most readily developable land has already been liquidated future revenue from this property may be of smaller scale than in the past near vandenberg air force base in southern california the company still holds nearly 1,000 acres of a 1,361 acre homesite development initiated in 1959 recently employment at this mili tary installation has leveled off resulting in a subsidence in demand for new housing accordingly a loss was sustained on this project during the 1965 fiscal year during 1965 the company purchased 153 acres of land between the diamond oaks and sierra view golf courses in roseville lo cated 18 miles from sacramento california development of a prime residential area will take advantage of the rolling terrain bor dering both golf courses a contract for the construction of improve ments has been let the company holds options on adjacent lands which wili permit expansion of the project in future years the company also has a sizable investment in the pauma valley country club and 1,345 acres of surrounding land located near the base of mt palomar between san diego and los angeles a portion of this land has now been subdivided and the sale of residential lots will soon be underway private memberships are being sold in the country club and cottages and homes bordering the golf course are planned this development offers some of the finest quality residen tial sites in southern california in past years utah acquired three large land investments in cali fornia which were zoned for industrial or commercial development the south san francisco industrial park has disposed of the major ity of its land and the el segundo project is midway in its program zoning for the torrance property was changed to residential and it has been virtually sold out during 1964 utah sold its bay farm island property on an in hm a