Vineyard annexed and ready for development, an article from the Colorado Springs Business Journal, reports that the Colorado Springs City Council has approved annexation of a 108-acre parcel of land with almost 700 feet of frontage on Interstate 25.  A partnership headed by Vince Colarelli of Colarelli Construction and Nevada-based investor Ski Broman will build a two-phased 550,000-square-foot office/industrial complex that once completed, will represent an investment of about $75 million.  The site is zoned Planned Industrial Park II and includes 65 acres of industrial property and 43 acres of open space.  Stan Kensinger of the Olive Real Estate Group said, “It’s close to decision makers, to I-25 and to the Colorado Springs Airport, all attractive to industrial users.”  He added that Vineyard Commerce Park will be the first covenant-controlled commercial park in the city.
http://www.csbj.com/story.cfm?ID=19707

Mortgage relief proposals gain momentum, an article from MSNBC.com, reports that with the mortgage meltdown threatening to grow into a wider economic disaster, plans for a more aggressive approach are beginning to take shape on Capitol Hill.  Up until now, the government’s primary response to the rising tide of foreclosures has been the Hope Now Alliance, a voluntary association of lenders and community groups set up to streamline communication between borrowers and their lenders.  Rep. Barney Frank, chairman of the House Financial Services Committee, proposed legislation to authorize the Federal Housing Administration to provide up to $300 billion in loan guarantees for new mortgages to replace old loans gone bad.  The Hope for Homeowners Act has been introduced by Sen. Christopher Dodd, D-Conn., who heads the Senate Banking Committee.  Both proposals have some significant differences, but the plans share some common ground.  The general idea would be for the government to identify problem loans and ask the investors who hold them to book a loss that, in many cases, they’ve already taken.  The government would then sell the loans back into the credit markets at a lower price, while offering new, more affordable loans to the borrowers. The new loans would reflect the true, current value of the home and give homeowners a chance to begin building equity again.
http://www.msnbc.msn.com/id/23729202/

Additional articles that you may find of interest:

Council wants more locals firms on utilities projects
http://www.gazette.com/articles/local_34441___article.html/utilities_percent.html

Mortgage rates drop below 6 percent
http://www.msnbc.msn.com/id/7148582/

Wary banks revert to strict lending standards
http://www.msnbc.msn.com/id/23731299/