Incorporates the Village of Lake James, describing the area to be incorporated by metes and bounds. The village is to be governed by a five-member village council and a mayor. Identifies by name five temporary officers to serve as village council members until the organizational meeting after the first regular municipal election is held on November 8, 2011. Authorizes the temporary village council to elect persons to serve as Interim Mayor and Interim Mayor Pro Tempore. Provides for taxes, budget ordinances, and other ordinances. Includes special provisions regarding extraterritorial jurisdiction, annexation, zoning, public access to Lake James, Federal Energy Regulatory Commission relicensing, greenways and other public areas, alcoholic beverages, and eminent domain.