Removes described property from Shelby's corporate limits. Provides that the act has no effect on the validity of the city's liens for ad valorem taxes or special assessments outstanding before the act becomes effective. Allows Shelby to exercise the powers of extraterritorial jurisdiction within the property. Provides that if the property is not developed for Pinnacle Classical Academy by June 30, 2016, then the removal of the property from Shelby's corporate limits is repealed effective June 30, 2016, and the property is added back to Shelby's corporate limits effective July 1, 2016.