CA SB1398

Allocates property tax revenues from qualified utility property in the Oakley Redevelopment Project Area, starting in fiscal year 2011-12, with revenues first going to the county and school entities, then to the East Contra Costa Fire Protection District (2%), then to special districts, and the balance to the Oakley Redevelopment Agency.

Defines "qualified property" as electrical substations (50,000+ volts), electric generation facilities (50+ megawatts), and electric transmission lines (200,000+ volts) placed in service by a public utility on or after January 1, 2011, in the Oakley Redevelopment Project Area.

Requires the Oakley Redevelopment Agency to develop one new housing unit for every 40 jobs created on the former Dupont Corporation property (approximately 378 acres), with units to be affordable to extremely low-income persons and completed within 10 years.

Requires the Oakley Redevelopment Agency to reimburse the county auditor for actual and reasonable costs of administering the property tax allocations.

Requires a two-thirds vote of the Legislature due to changes in the allocation of ad valorem property tax revenues among local agencies.