Legislator to gain several ways from charter school handoff
PHOENIX (AP) — An Arizona legislator selling his state-funded charter school business will receive money from consulting work, rent and a loan to the chain beyond pocketing $13.9 million from the $56.9 million transaction itself.
The Arizona Republic reports that Gilbert Republican Rep. Eddie Farnsworth will make $78,000 of interest by loaning the Benjamin Franklin school chain $2.8 million for operating cash and be paid $79,600 in rent and an unspecified amount for consulting work.
A nonprofit whose directors Farnsworth recruited is acquiring Benjamin Franklin.
Farnsworth declined to discuss the deal's financial particulars but said he's run Benjamin Franklin for 24 years and that he's entitled to benefit from the transaction.
State Superintendent of Public Instruction Kathy Hoffman says Farnsworth is legally pocketing the money but that it's not right.