I found this in a book of California Place Names...

The town of Central Valley [Shasta Co.] was named when construction began in 1938 on Shasta Dam, the main unit the Central Valley Project. The two boom towns were named Central Valley and Project City.

It doesn provide any information on when or if the name was changed. Google maps does show the 4100 Shasta Dam Boulevard. as a valid address in fact it is now a market...

Sonny's Market‎
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4100 Shasta Dam Blvd
Central Valley, CA 96019-9424
(530) 275-2523