A state legislator who owns a charter school is poised for a payday after the Arizona State Board for Charter Schools approved the transfer of his for-profit charter-school chain to a newly formed non-profit company.
The Arizona Republic reports the vote will let state Rep. Eddie Farnsworth sell for-profit Benjamin Franklin Charter School's four campuses- paid for with state tax dollars - to the non-profit company for between $11.8 million and $29.9 million, according to Charter Board records.
Farnsworth also will retain nearly $3.8 million in "shareholder equity" in the for-profit company, and could receive a management contract to continue operating the schools.
