Permits the Town of Beaufort to lease or rent certain property, as described, on terms and conditions determined by the Town’s Board of Commissioners. Allows leases for periods longer than 10 years if the Town observes the requirements of GS 160A-272. Also allows the Town to renew or extend leases for periods longer than 10 years if the Town follows the requirements of GS 160A-272. Clarifies that the authority granted by the bill does not restrict the Town’s authority to lease or rent real property under existing laws.