Authorizes the Board of Trustees (Board) of the College of Albermarle (College) to expend State funds appropriated for capital improvements for the construction and renovation of educational facilities owned by or located on property owned by Dare County. Specifically includes authorization to raze some or all of the existing Old Manteo Middle School campus and to construct a multi-use facility upon the campus for use by the College. Sets the lease period of any facility constructed or renovated under the act's authority at a minimum of 30 years. Allows for a prorated return of the building cost supported by State funds, amortized over the lease period, to the College if Dare County terminates the lease through no fault of the College.

Provides that State funds appropriated as described above and derived from the proceeds of Connect NC Bonds must be expended on capital facilities costs that are to be used by the College to carry out its community college purposes. Requires leases to contain adequate provisions to assure the restriction is met.

Permits the Board to contract for the renovation or construction of educational facilities as described with Dare County without being subject to the provisions of GS 143-341 (concerning the powers and duties of the Department of Administration).

Applies only to capital improvement projects with construction contracts executed prior to July 1, 2022.