CA SB507

Grants tidelands and submerged lands within San Diego Bay northerly of a specified line to the San Diego Unified Port District in trust, subject to the same terms and conditions as other public trust lands granted to the district.

Requires the Port District to transfer $412,903 annually (adjusted for inflation after June 30, 2021) to the State Lands Commission, plus 20 percent of any excess annual gross revenues generated from the granted lands; the Commission allocates 80 percent to the General Fund and 20 percent to the Land Bank Fund.

Mandates the Port District submit a trust lands use plan to the State Lands Commission by January 1, 2024, describing proposed development, preservation, or other uses of the trust lands, with subsequent changes subject to Commission approval.

Grants three specific parcels in Mission Bay (totaling approximately 31.25 acres) known as Public Trust Parcels 1, 2, and 3 to the City of San Diego in trust under Chapter 142 of the Statutes of 1945; terminates the interim trust lease between the State Lands Commission and the City as of January 1, 2020.

Requires the City of San Diego to submit a trust lands use plan by January 1, 2024, and obtain State Lands Commission approval for any proposed changes, amendments, or extensions to the plan.