Commissioners decline further extensions for Vertex Fund 3 apartment project

The Churchill County Board of Commissioners voted to deny any further extension of the purchase-and-sale agreement with Vertex Fund 3, LLC, ending the developer’s remaining extension rights after months of review and a contested amendment proposal.

Vertex representatives described a large residential plan they said would add as many as 420 housing units and told the board the developer has spent more than $1.8 million on project work, including title and feasibility analyses, rezoning, a tentative map and a grading plan. Attorney Garrett Gordon and managing member Stephen Tuck presented proposed amendment language that would have set a new entitlement deadline and provided protections for both parties if third-party agency review delayed approvals.

County staff and the developer exchanged details about the project schedule and prior extensions. Lonnie Phelps, the project civil engineer, said early delays included about six months resolving off-site utility access and additional time working with NDOT on traffic-signal and turning-lane requirements. He said the team had completed a cultural resources study requested by the Bureau of Reclamation and submitted revised plans.

Commissioners questioned the length of prior delays, how many extensions had been previously granted, and whether further indefinite extensions would be appropriate. County counsel and staff described a draft amendment that would set a firm entitlement date (August 7, 2025) with a limited “reviewer delay” carve-out and proposed increases to deposit amounts and revised repurchase/forfeiture language if the developer failed to meet post-closing performance triggers.

After discussion, a commissioner moved to deny any further extension of the purchase-and-sale agreement with Vertex Fund 3, LLC. The motion passed on a voice vote; no roll-call tally was recorded in the transcript.

Why it matters: The project, if completed, would add hundreds of rental units and represents a major private investment. The county’s decision ends negotiations over another time-limited amendment and leaves the agreement to its current default remedies absent a new direction from the board.

Key technical points raised in the meeting: Vertex said roughly $1.8 million has been invested to date; engineering delays included off-site utility access and NDOT signal requirements; federal agency (BOR) cultural-resource and NEPA processes have added time. County staff noted the developer had used two developer-requested extensions and that the county retains a discretionary 60-day extension right. Commissioners expressed concern about continuing to extend a multi-year entitlement process.

Action and motion text: Motion to not grant any further extension of the purchase and sale agreement with Vertex Fund 3, LLC. Board announced “Motion carries.”