After four years of failed negotiations, business leaders and Democratic Colorado legislators finally have reached an agreement to move forward a bill that will reform construction-defects law with the aim of jump-starting what is largely a non-existent condominium construction market.

The compromise, which will be announced at a news conference early this afternoon, will allow members of the Legislature to get behind a bill that will require the approval of a majority of condominium owners before any legal action can be filed against builders.

It also will require that those homeowners are informed more thoroughly about both the benefits and the drawbacks of such a lawsuit before any action is taken. It will, not, however, require that legal disputes go to binding arbitration.

Just three weeks ago, Rep. Alec Garnett, the Denver Democrat leading negotiations with reform backers, announced that talks had hit a major impasse over demands from business leaders that the statute of limitations on discovering purported defects not be extended by as much as six months while condo owners vote on whether to proceed with a lawsuit.

Read more at Denver Business Journal.