Enabled debugging at internal logging level and seeing this

$ prefect server start
22:59:53.443 | DEBUG   | prefect.profiles - Using profile 'default'
22:59:53.760 | DEBUG   | prefect._internal.concurrency.calls - <function start at 0x000002813E0CFCE0> --> run async in new loop
22:59:53.762 | DEBUG   | prefect._internal.concurrency.calls - Running call start(host='127.0.0.1', port=4200, keep_alive_timeout=5, log_level='WARNING', scheduler=True, analytics=Tr...) in thread 'MainThread' with cancel context <CancelContext at 0x2813de10990>
22:59:53.764 | DEBUG   | prefect._internal.concurrency.calls - Executing coroutine for call start(host='127.0.0.1', port=4200, keep_alive_timeout=5, log_level='WARNING', scheduler=True, analytics=Tr...) in new loop
22:59:53.766 | DEBUG   | prefect._internal.concurrency.calls - start(host='127.0.0.1', port=4200, keep_alive_timeout=5, log_level='WARNING', scheduler=True, analytics=Tr...) using async cancel scope <CancelContext at 0x2813e1c4890 timeout=inf>

I seemed to have figured out the issue. I cloned a conda environment and deleted the original to run the Prefect server on the new clone. It looks like there was still some reference to the old and deleted environment everytime I tried to start the Prefect Server. So I created a new environment from scratch with fresh install of Prefect and no more issue