Allows Buncombe County and Asheville to, by agreement, create a Parks and Recreation Authority (Authority). The purpose of the Authority is to manage or operate parks, greenways, or recreation facilities as designated by the Board of Commissioners (Board) and City Council (Council). Provides that the Authority consists of seven members and specifies membership appointment. Appointments are for three years and provides for filling vacancies. Allows the Board or Council to transfer property to the Authority, but once an asset is conveyed to the Authority, it may not be removed from the Authority's management or control without approval by a majority of the members of the Board and Council. Establishes the Authority's powers. Authorizes the Board and Council to appropriate funds to support the Authority. Allows the Authority to establish any license and regulatory fees and charges, subject to approval by the Board and Council. Allows the county to levy a tax not to exceed $.07 on the $100 valuation of property in the county from year to year, to be used only for park and recreational purposes under the Authority's jurisdiction. Also allows, if funds are insufficient, for a question on issuing bonds to be submitted to the voters. Gives the Board and Council the power to terminate the Authority by a majority vote.