Provides that the City of Eden may enter into an agreement to provide that specified property, described as the "Dan River Plant Property," may not be involuntarily annexed by the city from July 1, 2025, to June 30, 2030, under the General Statutes except as provided in the agreement. Provides that the city shall not seek to repeal this act. Provides that the agreement is specifically determined to be proprietary and commercial in nature, consistent with State public policy, and continuing and enforceable against future members of the city council for the full term of the agreement. Sets out requirements in order to modify the agreement.

Allows the city to accept payments in lieu of taxes in the amount of $1 million from Duke Energy as consideration for the agreement, to be paid as $200,000 annually for five consecutive years.

Describes the specified property by metes and bounds.