Allows City of Eden to enter contracts agreeing not to annex specified property prior to December 1, 2038. Describes the properties for which the city may negotiatethe contracts. Provides that nothing in this act impairs the right of the General Assembly to annex the described properties by specific local act. Specifies that this act does not affect the validity of SL 2002-74, which restricts certain annexations by the City of Eden through December 31, 2013. Specifies that the annexation contracts are to provide formulas for calculation of payments in lieu of taxes to be paid on the properties.