http://origin.sltrib.com/news/ci_8090613
Some charter school facilities built through a development company are being sold to schools for more than appraised market value in Utah. The company, which includes current and former Utah legislators, helped finance and build Lincoln Academy. It charged school officials more than $500,000 above the appraised market value price when the facility was sold to the school. Other charter schools also have paid over $500,000 above market value for their facilities to some of the same developers. Private companies developing and financing charter schools in Utah stand to make enormous profit in a growing industry with minimal competition. "It does not seem ethical," said Tiffany White, a founder of George Washington Academy. "Their hand is in every inch of the pot. They find the land - they pick their own builders. They pick their own architects." Stephanie Colson, a founder of The Ranches Academy, a charter school in Eagle Mountain, said "I wish the state could find a way to not put us at the mercy of the charter developers."
Source: Salt Lake Tribune
Date: 01/27/2008
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