aeries development entitlement review
TRANSCRIPT
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AERIES DEVELOPMENT
ENTITLEMENT REVIEW
• Aeries,withitslegalcounsel,identifiespermittingovercharges, challengesandrecoversthoseovercharges.
• AeriesprioritizestheAffordableHousingLinkageFee.Thisfeeis oftenthelargestfeeinaluxuryhomedevelopmentandaddsup to$18.69persquarefoottothecostofaluxuryhomebuildasof 2020(increasing2to3percenteachyear).
• AeriestypicallyseesLinkageFeerecoveriesofapproximately1/2 theoriginalLinkageFeecharge.
• Feerecoverytakesabout9months.
• Feerecoverymaybesoughtuptotwoyearsafterpermitissue.
DISTRIBUTION OF FUNDS
• Aeries’counselworksoncontingency.Nomoneyisrequiredfrom theClientupfront,andnomoneyisowedifthereisnorecovery.
• TherecoveryamountissenttocouncilbyCityOfLosAngeles.
• 1/3oftherecoveryamountisretainedbycouncilas contingencypayment.
• 2/3oftherecoveryamountisdistributedbycounseltoClient.
• 10%oftheClient’sshareispaidtoAeiresbyClient. CASE STUDY
BelowpleaseseetheoriginalLinkageFeelineitemamongalistof permitfeesassociatedwithAeries’owndevelopmentat1529AmalfiDrive($53,656.96).TheCityofLosAngelessubsequentlyreimbursedAeries53.34%oftheoriginalLinkageFee($28,625.12).
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