The developers of Remington Ranch asked Gypsum for a second, three-year extension on the project's annexation agreement at last week's town council meeting.
The council members approved it.
Developers first approached the town about the project in 2004 and made a formal proposal that was approved in 2007. The project calls for 109 units on 160 acres that are across Valley Road from the Chatfield Corners development.
The first extension for the annexation agreement was granted two years ago and those deadlines were set to expire next month.
"We intended to move forward much more quickly than we were able to, and I think you know why - the bad economy," said Terrill Knight, one of the Remington Ranch owners. "We are still interested in doing a nice project in Gypsum and would like an extension of three years."