Grants the City of Eden (City) the following specific contract powers. Authorizes the City to enter an agreement providing that property described by the act as the Thoroughbred Property cannot be involuntarily annexed by the City during the period beginning January 31, 2018, and ending February 1, 2028, under the General Statutes as they now exist or may be subsequently amended, except as provided in the agreement. Prohibits the City of Eden from seeking to repeal the act upon its enactment. Describes any agreement under the act as proprietary and commercial in nature, and consistent with the public policy of the State. Adds that any agreement under the act is binding on and enforceable against the current and future members of the city council of the City during the full term of the agreement and any extension of the agreement. Authorizes the parties of any agreement entered into under the act to further modify, amend, and extend the agreement by mutual written consent, without the approval of the General Assembly, so long as any modification or amendment does not materially alter the concept of the agreement. Authorizes the City to accept payments in lieu of taxes as consideration of the agreement, annually computed based upon the tax valuations of the property described as Thoroughbred Property as determined by the Rockingham County Tax Department, with the computation formula stated in the agreement.