Building Versus a City

San Francisco Chronicle, May 03 1970

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Just one industrial building will yield more in property taxes than the entire 220 acres which formerly comprised Russell City.

This was the claim made last week during dedication ceremonies at the Cabot, Cabot & Forbes Hayward Industrial Center by Paul P. Shepherd, vice president for the company.

The Russell City area was yielding less than $20,000 a year in revenue in 1960-61, when it was taken over by the agency, Shepherd cited. Since CC&F acquired it, following the agency's relocation of the families and clearing of the ground, four companies have announced that they were moving in - Alcoa, Climate Manufacturing, Charles W. King & Associates, and Air Reduction Co. for a total of nearly a half-million square feet of new building space, on approximately 31 acres. The first three buildings are already under construction.

The Alcoa building by itself, Shepherd said, when completed and occupied, would contribute approximately $50,000 a year of revenue to the city and the county.

The potential future tax yield of the entire CC&F Center, when fully developed, will dwarf these figures, Shepherd said, and "yield enormous benefits to Alameda County and then City of Hayward, by providing a pleasant place to work for several thousand people, with the resulting payrolls, as well as the flow of revenues to county and city."

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