SHERIDAN, Wyo. (AP) — There's some new hope for the landmark Sheridan Inn.

According to an Associated Press Report, a man with Sheridan roots is planning to purchase the historic structure and reopen it.

Bob Townsend and his wife are currently under contract to purchase the Sheridan Inn and they hope to close on the property by the end of October.

The Inn was forced to close its doors about year ago after failing make a $100,000 payment to the Wyoming Bank & Trust in January 2012. At that time, the Inn was run by the Sheridan Heritage Center.

The Sheridan Heritage Center had been trying to repair and renovate the inn.

Townsend said in an interview with The Sheridan Press Monday that he plans to finish work on the Inn.