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aeries development entitlement review

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PAGE 1 of 2 AERIES DEVELOPMENT ENTITLEMENT REVIEW • Aeries, with its legal counsel, identifies permitting overcharges, challenges and recovers those overcharges. • Aeries prioritizes the Affordable Housing Linkage Fee. This fee is often the largest fee in a luxury home development and adds up to $18.69 per square foot to the cost of a luxury home build as of 2020 (increasing 2 to 3 percent each year). • Aeries typically sees Linkage Fee recoveries of approximately 1/2 the original Linkage Fee charge. • Fee recovery takes about 9 months. • Fee recovery may be sought up to two years after permit issue. DISTRIBUTION OF FUNDS • Aeries’ counsel works on contingency. No money is required from the Client up front, and no money is owed if there is no recovery. • The recovery amount is sent to council by City Of Los Angeles. • 1/3 of the recovery amount is retained by council as contingency payment. • 2/3 of the recovery amount is distributed by counsel to Client. • 10% of the Client’s share is paid to Aeires by Client. CASE STUDY Below please see the original Linkage Fee line item among a list of permit fees associated with Aeries’ own development at 1529 Amalfi Drive ($53,656.96). The City of Los Angeles subsequently reimbursed Aeries 53.34% of the original Linkage Fee ($28,625.12).

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Page 1: AERIES DEVELOPMENT ENTITLEMENT REVIEW

PAGE 1 of 2

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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