dustrial park started by utah in 1955 and initially consisting of 340 acres of land three sales were closed involving 12 acres and reducing the company's remaining holdings to four acres on two improved sites substantial profits were booked on payments received on the sale of the balance of the moraga property in contra costa county california originally consisting of 4098 acres first acquired by utah in 1953 all of the moraga land has now been sold subject to future installment pay ments scheduled over a period of years and secured by first trust deeds earnings of the south shore shopping center rose by 40 as a result of income from new ground leases and higher rentals based on percentage of sales provisions in existing leases of the 11.2 acres of saleable land not integral to the shopping center a total of 8.7 acres was sold during the year at a substan tial profit among the more significant additions to the center in 1971 were a bank and a savings and loan associa tion and the expansion of a unit of a major drug store chain was begun sales at vandenberg village located near vandenberg air force base in southern california included 49 houses and 40 lots three new small subdivisions are being de veloped in anticipation of a continuing demand for housing in the area membership increased in the golf and country club which is central to this development utah's pauma valley project a private country club and community of exceptional quality developed in san diego county experienced sound growth in 1971 of 36 condo minium residence units constructed during the year 26 had been sold and one sale was in escrow at the year end in addition 13 lots and one small rancho were sold and construction of 11 houses and cottages had been completed or started during the year other properties held by the com pany for investment or for sale continued profitable but at a lower level than in the prior year the company's major remaining un improved landholding consisting of 914 acres comprising the bay farm island property in alameda california is in the pre-development planning stage sales consummated in 1971 were from inventories of land which had been improved and prepared in prior years there were no new land acqui sitions during the year and as a result there has been some depletion of inventories of immediately marketable property it continues to be the company's policy to seek favorable opportunities in unim proved acreage which is strategically located in relation to growing markets and amenable to development as attractive and desirable property lower income from land develop ment activities is anticipated in the coming year delays in obtaining necessary zoning revisions have prevented us from marketing the bay farm island property our inventory of readily saleable developed land at other locations is at low levels schedule of principal land projects above tree lined fairways provide open vistas at village country club and vander berg village in santa barbara county california below left recreational area with pools and putting green is central to new condo pleted at si california ight offices i & loan assi ih shoi f great western i center alameda