Real estate investment fund’s CEO wants to put $1.5M in the state budget
Real estate investing fund CEO Mike Johnson wants to use the money he earns to fund statewide education, which he calls a “bargain” in a speech to the Arizona Chamber of Commerce on Wednesday.
Johnson said the state needs more education for its young people, and he wants to invest in education in the same way that he invests in real estate.
Johnson, who co-founded Real Estate Investment Trust in 2007, said the fund wants to fund a statewide program to help students graduate from high school and college.
He said the investment is in line with what he is doing with his other investments.
“We’re not going to invest the $2 million to buy a new house for our kids, but we will invest that $1 million to fund the schools,” Johnson said.
Johnson also said he would be investing in more state jobs, including the construction of new parks, schools and highways, and that he would like to hire 100,000 new construction workers and 400,000 construction workers in the next three years.
Johnson’s announcement comes on the same day the state Senate approved $1 billion in additional funding to help cover costs associated with an anticipated $3 billion in capital investments to help fund the state’s transportation and infrastructure needs.
The state has a $2.6 billion transportation deficit and has been grappling with how to spend it.
Johnson told the chamber that he believes the state could create millions of jobs over the next decade and he has long supported efforts to expand education in Arizona.
The fund, which is a subsidiary of Johnson’s Real Estate Partners, invests in companies that are focused on education, such as schools, colleges and hospitals.