Prescott City Council took action on Tuesday, July 9, to extend deadlines set forth in City Contract 2024-129. This contract with Territory Holdings, LLC, is for the purchase of 201 S. Cortez Street (Old City Hall).
The amendments to the contract, which are attached to this release, extend the closing date to June 30, 2025 and the due diligence period to up to 720 days to allow for further review of a proposed hotel project on the property. The required deposit dates were also amended for consistency and clarification with a final deposit of any remaining cash balance due upon closing.
According to City Manager Dallin Kimble, these revisions allow more time for both parties. “The proposed project is still being reviewed by the Preservation Commission,” said Kimble. “The additional time will give the applicant the time they need to go through these reviews and allow for the best possible outcome for our community.”
