Rich Flowers | Athens Daily Review

The Athens Economic Development Corporation Board approved the contract on Tuesday with CP Homes which is building an assisted living facility on Wood Street behind Walgreen's Pharmacy.

In October, the board voted to allocate $6,500 to install gas line service to the location. The incentive package was approved by the Athens City Council on Oct. 26.

AEDC Executive Director Lisa Denton said CP Homes is making a capital investment of $1,288,000 in building the facility. The value of the land is $150,000. The company is also planning to add another $737,000 in the form of items like furnishings. CP Homes is based in Dallas, and develops and operates assisted living residences throughout the United States.

The board took action on Tuesday to approve the final payment to Amanda Perry of Philosophy Fit under the Entrepreneurship Grant program. The payment of $332.60 closes out the contract.

“She's met all of her obligations,” Denton said.

The AEDC budgeted $30,000 this year for the program to be awarded in the form of a reimbursement to the chosen businesses. Perry was awarded $6,000 for her group fitness company. Located on North Prairieville Street, Philosophy Fit offers group-fitness classes targeted for 18 to 54-year-old women.

In other action, the board approved amended bylaws. The bylaws were presented at the October meeting, but approval was withheld until the language concerning the treasurer was modified.