Paul Bouraxis, the owner of El Fuego Mexican Restaurante at 909 W. Layton Ave., Milwaukee, recently purchased the Champps Americana Restaurant at 5030 S. 74th St. in Greenfield. Bouraxis plans to close Champps, remodel the building, and open a Mexican restaurant there called El Beso.
The building is located in the South 76th Street business corridor, which is a strong retail area, but has not had a Mexican restaurant since Chi Chi’s closed in 2004, Bouraxis said.
“(The area) has a lot of shops,” he said. “It’s heavily populated. It’s a good location.”
Bluemound Restaurant Corp., the owner of the Champps restaurant, informed the state Department of Workforce Development that Champs will be closing as of May 22. The restaurant has 37 employees.
Bouraxis opened El Fuego last year in a building that was formerly occupied by Prime Quarter Steak House.
Bouraxis also owns the Omega Burger restaurant at 7041 S. 27th St., Franklin. He formerly owned the Omega Family Restaurant at 3473 S. 27th St., Milwaukee, which he sold four years ago.

The Helen Bader Foundation is donating a $50,000 grant to the Milwaukee Water Council.
“This grant from the Bader Foundation is a huge statement,” said Dean Amhaus, who was recently appointed executive director of the Water Council. “For this foundation to step up early in the Water Council’s history provides significant credibility to a new organization. This will afford us the opportunity to help further grow Milwaukee’s burgeoning water industry.”
“It has been very impressive to see what the Water Council has been able to accomplish so far,” said Daniel Bader, president of the Helen Bader Foundation. “The Council has linked companies, universities, entrepreneurs, scientists, environmentalists, and civic leaders to set some truly remarkable things in motion. As a region, it’s vital that we support and expand those partnerships.”
The Milwaukee Water Council formed in 2007 to leverage the companies and research assets that were uncovered by two Milwaukee chief executive officers, Rich Meeusen of Badger Meter Inc. and Paul Jones of A.O. Smith Corp., who now serve as the council co-chairs.
Staffed by the Greater Milwaukee Committee, the Water Council is preparing to secure dedicated staff members later this year.

CIB Marine Bancshares Inc., the Pewaukee-based holding company that operates Marine Bank, today reported 2009 net income of $13.7 million for the year after recording an extraordinary gain of $54.5 million resulting from the successful completion of a pre-packaged plan of bankruptcy reorganization.
"Completing the reorganization is significant and positive news for the company and our shareholders," said John Hickey Jr., chairman and chief executive officer of CIB Marine Bancshares Inc. "We have removed one of the significant hurdles that the company faced. We have eliminated the debt related to the trust preferred securities, as well as approximately $8.9 million of annual interest expense in future years. Capital ratios have been significantly improved and all of this was accomplished while preserving the rights of our common shareholders."
Although the 2009 financial results for CIB Marine Bancshares show the first annual positive net income for the company since 2002, the company continued to sustain operating losses in 2009 of $40.8 million before extraordinary items, largely due to the adverse affect that economic and real estate market conditions had on asset quality.
"With the reorganization behind us, we will continue to work to improve asset quality, increase operating efficiencies, improve our core banking business and maintain adequate capital levels. We believe we are on the right path to improved performance going forward," Hickey said.

Manitowoc-based Orion Energy Systems Inc. today announced that it will voluntarily transfer its stock exchange listing from the Nasdaq Global Market to the NYSE AMEX LLC.
Orion's common stock has been approved for listing on NYSE AMEX, where it expects to begin trading on April 6, using the company's current symbol "OESX." The company will continue to trade on the NASDAQ Global Market until the transfer is completed.
In 2008, the NYSE Euronext acquired the American Stock Exchange (AMEX). The AMEX name was first changed to NYSE Alternext U.S., and then became known as NYSE Amex in 2009. Today, almost all trading on the NYSE AMEX is in small-cap stocks, exchange-traded funds and derivatives.
"We are excited about our move to NYSE Amex, which we believe will give us added visibility in the financial markets, increase the liquidity of our common stock, provide us with the advantages of a designated market maker and further enhance our investor outreach as we continue to build shareholder value," said Neal Verfuerth, Orion's chairman and chief executive officer.
"We are pleased to welcome Orion Energy Systems to NYSE Amex," said Scott Cutler, NYSE Euronext executive vice president and head of listings, Americas. "The company and its shareholders will benefit from their association with the NYSE's superior market, services and network of leading companies, and we look forward to a lasting partnership."

Robert Bishop, P.E., the Joe J. King Professor of Engineering, Aerospace Engineering and Engineering Mechanics at The University of Texas at Austin, has been named the new Opus Dean of Marquette University’s College of Engineering
Marquette Provost John Pauly announced that Bishop will succeed Stan Jaskolski, who announced in August 2009 his intent to retire at the end of the 2009-2010 academic year.
Bishop, 52, who earned his Ph.D. in electrical and computer engineering from Rice University, has served as chair of the Department of Aerospace Engineering and Engineering Mechanics at UT. In addition to 10 years of experience in private industry, he has published more than 100 journal articles and conference proceedings, authored/co-authored four textbooks and edited five books. His research in systems and controls has drawn more than $6.5 million in grants from NASA, the U.S. Air Force, Lockheed Martin, National Instruments and numerous other agencies.
Pauly said the university drew “exceptionally strong candidates” for the Opus deanship that “reflected what was special about this opportunity.” On March 5, Marquette broke ground for the Discovery Learning Complex, a $100 million new home for the College of Engineering in Milwaukee.
“We must address the world’s problems more directly. As we move from an information age to a creative age, we must educate engineers to think with both the left and right sides of their brains, to be problem solvers who understand the consequences of their work,” Bishop said.
“Stan Jaskolski has provided a marvelous foundation for the new dean,” Pauly said. “I believe Dr. Bishop has the professional and academic experience, the administrative and fundraising expertise and the enthusiasm to build discovery learning into a permanent, sustainable concept in the College of Engineering - with the new building, endowed faculty chairs and an increasingly talented and diverse student body.”
Bishop will officially take office on July 1.

The stock market rose today as the Commerce Department estimated that the U.S. economy grew at the fastest pace in six years during the final three months of 2009.
U.S. real gross domestic product increased at a 5.6percent annualized pace in the fourth quarter, revised down from the 5.9-percent pace reported a month ago.
Local stocks in the BizTimes Stock Index were led this morning by Badger Meter Inc. (up $1.08 to 39.93) and MGIC Investment Corp. (up 89 cents to $9.85). The largest local decliners this morning were Associated Banc-Corp (down 41 cents to $14.13) and Orion Energy Systems Inc. (down 3 cents to $4.96).

One of the funding sources for the federal health care reform package is a 10 percent tax on indoor tanning services. The tax is expected to raise $2.7 billion over 10 years. However, tanning salon owners say the tax will hurt their business. Read more in BizTimes Milwaukee's headlines from around the state at http://www.biztimes.com/#news.

Nearly 600 guests helped raise funds for Make-A-Wish Foundation of Wisconsin and its annual Host Night 2010, which was held recently at the Hyatt Regency Hotel in Milwaukee. More than 3,700 Wisconsin children have had their wishes granted since the Foundation was started in 1984, and more than 60 additional wishes will be granted as a direct result of this year’s event. To view a photographic slideshow of the event, visit the latest edition of BizTimes Around Town. To submit photos of community events for consideration in BizTimes Around Town, e-mail them to art@biztimes.com.

In this week’s edition of “Ask Harry,” a reader wants advice for recruiting new commission-based sales agents. The answer is provided by BizTimes consultant Harry Dennis. Submit your questions to the expert.

Busy readers of the BizTimes Daily can get a jumpstart on the weekend ahead by reading the OnMilwaukee.com Weekend Preview. OnMilwaukee.com is a media partner of BizTimes Milwaukee.

The leaders of southeastern Wisconsin’s nonprofit organizations are invited to attend the CEO Strategies Breakfast at the BizTech Conference & Expo, where keynote speaker Kay Plantes will provide insights for economic survival in the post-recession economy. Read more in the new edition of the BizTimes Nonprofit Weekly bulletin.

The high-speed rail line that will connect Milwaukee to Madison will provide a significant boost to Wisconsin’s economy, according to Tom Still, author of today’s Milwaukee Biz Blog.

The Wisconsin Department of Transportation (WisDOT) closed northbound traffic U.S. Highway 45 through the Zoo Interchange immediately today, and the closure quickly became a point of contention in the 2010 Wisconsin gubernatorial race.
Bridge inspections conducted Thursday night revealed additional cracking in the bridge structure, prompting the immediate closure, the WisDOT said. Northbound traffic will be detoured to eastbound Interstate 94 to 84th Street and turned around at 84th Street to head northbound on U.S. 45.
The northbound on-ramps along U.S. 45 at Greenfield Avenue, Lincoln Avenue and National Avenue are closed.
Additional signing and detour routes will be posted. The WisDOT encourages motorists to plan ahead while traveling in the area, use alternate routes and expect delays
The WisDOT is working with the contractor to accelerate the schedule and limit traffic impacts.
Work to rebuild three bridges in the Zoo Interchange began in January.
The current schedule calls for all major construction work on the three structures is expected to be completed by Memorial Day weekend, with some remaining work continuing through mid-June.
Milwaukee County Executive Scott Walker, a Republican candidate for governor, quickly used the closure for political fodder today, suggesting that current Gov. Jim Doyle and Milwaukee Mayor Tom Barrett were blame.
"It is amazing that Governor Doyle and Mayor Barrett can advocate spending $810 million on a new 'high-speed' rail line while the state government cannot even fix one of the busiest interchanges in Wisconsin," Walker said in a statement. "Years of raiding the transportation fund and years of Milwaukee politicians like the mayor fighting work on the East-West corridor have now led to a crisis that will have a negative impact on commerce."
Phil Walzak, communications director for the Barrett campaign, said, “Walker’s latest transparent political attack is as baseless as his job creation claims.  Walker actually supported cutting investment in highways as a member of the state legislature.  Tom has long supported a balanced transportation approach that invests in our highways as well as our local roads, including the Zoo Interchange.  The difference is Tom wants to fix the Zoo Interchange without ripping up a veterans cemetery or tearing down people’s homes.  The reality is as Mayor Tom has invested about four times more in roads than Walker has as County Executive.  These false cheap shots are quickly becoming a trademark of Walker’s campaign, and demonstrate he’s just a political opportunist that Wisconsin families can’t trust.”

Waukesha Electric Systems is planning a $42 million expansion of its headquarters and manufacturing facility at 400 S. Prairie in Waukesha.
The company expects to add at least 100 new manufacturing, engineering and business support jobs.
According to a memorandum of understanding with the city of Waukesha, the city is considering a $9 million tax incremental financing request from the company.
Waukesha’s Finance Committee will consider the memo on Tuesday at 7 p.m. If the memo is agreed upon, the Common Council could consider it as early as April 8. If the agreement receives approval from the council, a formal TIF proposal would be developed.
Waukesha Mayor Larry Nelson said the memo was the result of six months of negotiations between the city and Waukesha Electric officials.
“I’m thrilled that Waukesha Electric plans to expand in our city,” Nelson told BizTimes today. “These are the kind of skilled manufacturing, engineering and support jobs that will bring new people to our city.”
In January, Waukesha received $12.45 million in tax credits to expand its Waukesha plant to make large high voltage power transformers. At the time, the company anticipated that more than 80 percent of the transformers will be used to help bring renewable energy to distant load centers or to replace aging, less efficient transformers.
Nelson’s post is up for re-election on April 6. He is being challenged by Waukesha businessman Jeff Scrima.
Nelson said the memo of understanding was brought forward at the request of Waukesha Electric officials, not because of the timing of the election.
“It was a week ago when we had a meeting where they asked how quickly we could produce the memo to get this moving forward,” Nelson said. “The timing has nothing to do with any election. It has everything to do with reaching an agreement a week ago and both Waukesha Electric and the city wanting to move this forward.”