Title
Resolution Approving Entering Into a Memorandum of Understanding (MOU) Between 68 Ventures Live Oak 2026, LLC (68V) and the City of Foley, Alabama, Approving and Appropriating Funding for the Sidewalk Cedar-Peachtree Northward Project.
Summary
Description of Topic: (who, what, where, when, why and how much) 68V wishes to enter into a Memorandum of Understanding with the City of Foley. The MOU addresses sidewalks along CR24 (Underwood Road) and contributes to the Sidewalk Cedar-Peachtree Northward project. 68V offered an aid to construct funding for capital improvement sidewalks Cedar Street adjacent to their proposed development within the existing Live Oak Village Community. Instead of constructing the section of sidewalk, 68V is offering a contribution towards construction aid for a new sidewalk that we have under design and included in our FY27 capital budget. This project runs along Cedar Street from Peachtree Avenue to Village Square Blvd (the main entrance to Live Oak Village). Engineering is also asking to approve and appropriate the budgeted project amount for the project listed under Sidewalk Cedar-Peachtree Northward.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ Budgeted under account #______________ for $_________ and described in budget as ________________________. Additional amount needed, if any: Increase in budget of $_________ OR, transfer of $________ from Account #____________ to Account #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
__X___ Yes, described as Sidewalk Cedar-Peachtree Northward, planned amount $162,000, requesting $162,000 as total project estimate, including contingencies, under account # Expense 400-3010-5101 A23 CP.1 & $62,950 to Revenue 400-3010-4661_
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ Yes, requesting an increase of $___________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
_____ No, requesting an increase of $__________ to an already approved project titled _______________________ that is being tracked under Account No. _________________.
Body
WHEREAS, 68V Live Oak 2026, LLC has requested the City enter into a Memorandum of Understanding (MOU) addressing sidewalks along Cedar Street; and
WHEREAS, 68V is offering a contribution in a one-time payment in the amount of $62,950.00 to the City of Foley towards construction aid for a new sidewalk; and
WHEREAS, a sidewalk project along Cedar Street from Peachtree Avenue to Village Square Blvd was approved in our FY27 budget; and
WHEREAS, engineering requests approval of the MOU between 68V and the City of Foley, approve and appropriate the budgeted project amount for the sidewalk Cedar-Peachtree Northward project.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves the MOU between 68V and the City of Foley, authorizing the Mayor to execute the MOU.
SECTION 2: Approve and appropriate $162,000 for the Sidewalk Cedar-Peachtree Northward project under Account No# 400-3010-5101 A23 CP.1 (Expense) and $62,950 in 400-3010-4661 (Revenue).
SECTION 3: This Resolution shall become effective immediately upon its adoption as required by law.