The My Ballard Blog reports that Ballard’s Bit Saloon has a new lease on life. New owners Jessica Young and Jamie Bernard told the blog that they will be signing papers this week to take over the bar and that they are going to improve the old saloon while keeping the spirit of the place intact.”We were looking for a bar in the Ballard or Fremont area because we really like the neighborhood,” Young told the blog. “We had the opportunity to do this and we’re really excited,” Bernard added. The two plan to change the name to the Two Bits and will reopen in late winter or spring. The Bit had been slated to close last year.