Directs the State to convey the eleven acres of the described property in the inventory of State-owned land maintained by the Department of Administration (DOA) whose deed is registered with the Pender County Register of Deeds to the Town of Burgaw for $1.  Authorizes DOA, in consultation with the Town, to determine which portion of the land will be transferred. Subjects the conveyance to a reversionary interest reserved by the State. Specifies that the property will be conveyed to the Town for so long as it is used for public purposes. Specifies that the conveyance is "as is" and "where is" without warranty. Exempts the conveyance from the provisions of Article 7 of GS Chapter 146 (pertaining to dispositions of allocated State lands). Instead directs that the conveyance is subject to Article 16 of GS Chapter 146 (pertaining to form of conveyance), but that GS 146-74 does not apply.