Bozarth plans new buildingLending standards still tightening

Topeka Capital-Journal, The, Aug 14, 2007 by Michael Hooper

By Michael Hooper

THE CAPITAL-JOURNAL

Ed Bozarth said Monday he plans to tear down a 45-year-old used car sales building and construct a new building for $2 million at 3731 S.W. Topeka Blvd.

Bozarth, owner of Ed Bozarth Chevrolet, said the pre-owned car sales building, located south of the new car showroom, was old and had been added onto twice.

"It's time to get a better facility," said Bozarth.

The architect for the project will be Architect One. Shirley Construction will be the general contractor.

Demolition of the old building will begin in two weeks, Bozarth said. Employees will work out of a temporary double-wide trailer on the lot until the new building is completed in early 2008.

The new building will be located near the existing building and have 11,000 square feet and two floors. The business office will be upstairs and the main floor will have plenty of showroom space, high ceilings, customer waiting lounge with fireplace, kitchenette and bathrooms, said Chris Spargo, pre-owned car manager.

There will be 32 employees based in the new building.

"It will be roomy and modern with tall ceilings," Spargo said.

Bozarth said a new Saturn building, located north of the Ed Bozarth Chevrolet showroom, will be completed in about two weeks.The Associated Press

WASHINGTON - More banks have tightened lending standards on subprime mortgages, the Federal Reserve said Monday in a survey that provided further evidence of spreading problems.

The Fed said it found that more than half of banks responding to a survey reported they had tightened their lending standards for subprime mortgages, loans offered to borrowers with weak credit histories.

The Fed survey found that of 16 banks that said they were still in the subprime market, nine of those banks had tightened lending standards in the past three months. The 16 banks are among the nation's largest and accounted for 57 percent of all residential loans at the end of March, the Fed said.