Interested in purchasing a liquor license? Brick has two for sale, and the minimum bid to purchase each has fallen by $100,000.
New Jersey's unique licensing law enables municipalities to sell liquor licenses – officially called plenary consumption licenses – to the highest bidder. Aside from grandfathered businesses that were licensed years ago, the number of licenses a municipality can offer is based on population. The township council originally set a minimum bid for two licenses at $500,000, but decided to reduce the minimum bid after a lack of initial interest.
"We can't sell these licenses for $500,000 anymore because of the economy, but we do have people interested at $400,000," said Council President Brian DeLuca.
The township is also facing competition in the license sale. According to Township Clerk Lynnette Iannarone, there is one outstanding "pocket license" available for sale. A pocket license is a consumption license that is owned by a private party, but not being actively used by a bar or restaurant.
"Those people might be willing to sell them for less," said Councilwoman Ruthanne Scaturro.
DeLuca said $400,000 was the "market rate" for a consumption license in a town like Brick.