Elvis Presley Enterprises Buys 3716 Elvis Presley Blvd.

Elvis Presley Enterprises Inc. has bought a 3,500-square-foot building at 3716 Elvis Presley Blvd. from JBC Financial Group for $1.1 million. Built in 1976, the building sits on 0.56 acres on the east side of Elvis Presley Boulevard north of Dolan Street.

The Shelby County Assessor’s 2010 appraisal is $159,300.

The seller, JBC Financial Group, received the property in September 2004 via quitclaim deed from Clinton C. Thomas. JBC Financial lists a Florida address.

Elvis Presley Enterprises Inc. and CKx Inc., the company that owns 85 percent of EPE, have been buying property around Graceland for several years, citing plans to revitalize the neighborhood.

In a quarterly filing with the U.S. Securities and Exchange Commission in August, CKx reported preliminary plans including an expanded visitors center, new attractions, new souvenir shops and potentially a boutique convention hotel.

“Although we continue to consider the exact scope, cost, financing plan and timing of such a project, we expect that the redevelopment of Graceland, if and when pursued, would take several years and could require a substantial financial investment by the company,” the company said in the statement.

For more information about redevelopment in Whitehaven around the Graceland area, see the Aug. 14 story “Gaining Speed” in The Daily News’ sister publication, The Memphis News, at memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Wharton to Host Virtual Town Hall Wed.

Memphis Mayor A C Wharton Jr. will host a three-way virtual town hall meeting Wednesday that links City Hall to citizens in Cordova and Hickory Hill.

The 6 p.m. session will focus on the city’s budget and school funding. Wharton and his administration are working on a list of options for the Memphis City Council to consider to come up with $57 million in funding two courts have ordered the city to pay the Memphis City Schools system.

Wharton and his division directors will be at City Hall. Citizens will gather at Bert Ferguson Community Center at 8505 Trinity Road in Cordova and Hickory Hill Community Center at 3910 Ridgeway Road. The three groups will be linked by computer.

– Bill Dries

Peabody Hotel Group Opens Orlando Expansion

The Peabody Orlando, one of several hotels within the portfolio of Memphis-based Peabody Hotel Group, has opened its $450 million expansion, a project that’s been planned for a decade and under construction for more than two years.

The newly expanded hotel features a 32-story tower, 1,641 guest rooms, 300,000 square feet of state-of-the-art, flexible function space, a 22,000-square-foot, full-service spa and fitness center, three landscaped pools and 10 dining and entertainment options. There’s also a new Napa Valley wine-themed restaurant and 6,000-square-foot, high-energy lounge called Rocks.

Amenities in guest rooms include high-definition LCD TVs, mini LCD TVs in the bathroom mirrors, complimentary in-room refrigerators, cordless telephones and Wi-Fi Internet access. The Peabody Orlando’s 891 existing guest rooms also were renovated with contemporary design and luxury décor and furnishings.

– Andy Meek

Congress Extends National Flood Insurance Plan

A one-year extension of the National Flood Insurance Program was unanimously passed Thursday when the House approved a Senate bill with a new expiration date of Sept. 30, 2011.

With the Sept. 30 deadline fast approaching, a long-term extension has been a top legislative priority for the National Association of Realtors, according to a statement published Friday on the organization’s website.

The NFIP already lapsed four times in 2010, causing major disruptions for real estate professionals during the fragile real estate market.

The extension will allow homeowners that have properties needing flood insurance to sell their homes, said Michael Green, manager of John Green & Company Realtors.

“If you didn’t have that program, it would be difficult to get flood insurance in some areas, especially in the coastal areas,” Green said.

The bill, S.B. 3814, now awaits President Obama’s signature, as early as this week.

– Sarah Baker

Glankler Brown Named Top-Tier Law Firm

Glankler Brown PLLC has been named a top-tier law firm in the U.S. News Media Group and Best Lawyers’ rankings of the 2010 Best Law Firms.

Glankler Brown was named top tier in the practice areas of bankruptcy and creditor debtor rights/insolvency and reorganization law, corporate law, criminal defense: white-collar, general commercial litigation, personal injury litigation – defendants, professional malpractice law – defendants, real estate law, securitization and structured finance law, tax law, and trusts and estates law.

The list includes 30,322 rankings of 8,782 law firms in 81 practice areas and will be featured in the October print issue of “U.S. News & World Report.”

– Taylor Shoptaw

New FDIC Rules Require Banks to Share Some Risk

Federal regulators are insisting that banks share some risk when issuing the type of asset-backed securities that nearly toppled the financial system two years ago.

The Federal Deposit Insurance Corp. is requiring banks hold at least 5 percent of the securities on their books, as part of new rules the regulator adopted Monday that were required under the new financial overhaul law. Banks would be required to purchase their share of the securities beginning Jan. 1.

The idea is that banks with such exposure to risk would be more careful about properly screening borrowers.

Financial industry executives have opposed the requirements. Banks don’t have enough room on their balance sheets to retain 5 percent of all the loans they make, some executives have maintained.

The so-called “skin-in-the-game” requirement was mandated by the financial overhaul law enacted in July. There is an exemption to the requirement. Banks won’t have to meet it for mortgage securities that contain so-called “safe” loans, such as a traditional 30-year fixed-rate mortgage with a 20 percent down payment.

– The Associated Press

Analyst Predicts Small Uptick in September Auto Sales

The U.S. auto industry is likely to see a bit of a sales rebound in September over poor numbers in August, with an uptick in retail sales to individual drivers, a Barclays Capital analyst said on Monday.

Analyst Brian Johnson wrote in a note to investors that stronger retail sales would be offset by weaker sales to fleet buyers such as rental car companies. That’s good news for automakers because they make far more money on sales to individuals.

But a September increase probably isn’t a sign of an industry rebound. Johnson doesn’t expect any big improvement in auto sales soon.

“We continue to expect sales to remain around current levels for the remainder of 2010,” he wrote, adding that he is sticking with his forecast of 12 million in sales for next year.

He wrote that the sales rate for September, when projected for a full year and adjusted for seasonal variations, should be 11.7 million cars and trucks, up slightly from 11.5 million in August.

All automakers report their U.S. sales figures on Friday.

– The Associated Press

Fannie Mae Offers Military Housing Aid

Mortgage giant Fannie Mae will give military families a break on home loan payments if they are struggling because of the death or injury of a service member.

The Washington-based company says it will reduce or suspend borrowers’ monthly payments up to six months. Fannie Mae is the largest buyer and backer of U.S. home mortgages, owning or guaranteeing about $3.2 trillion in home loans.

Fannie Mae also says it would suspend reporting to credit bureaus for up to six months to minimize the impact on the borrower’s credit score.

To determine whether they are eligible, military members or their surviving spouses should contact their mortgage company. Or, they can call a special military phone number: 1-877-MIL-4566.

– The Associated Press