Gov. Deval Patrick's move to give cities and towns control over the number of liquor licenses they can issue generally is being well-received, but some expressed concern about the potential devaluation of existing licenses.
Obtaining licenses sold for up to $500,000 on the open Boston market poses a barrier to entry for prospective restaurateurs. But issuing new lower-priced licenses could give them a competitive advantage and spell trouble for businesses that used their licenses' values to get financing, said restaurateur Babak Bina.
"It does have a value as a way to secure a loan, and if you take (that) away, I don't know what that does to the bank's collateral," said Bina, whose eateries include Merrill & Co. and Lala Rokh. "It's a touchy subject, and ... devaluing those will be a certain blow."
Patrick made the proposal as part of an economic development package unveiled yesterday. A 1933 law requiring cities and towns to get legislative approval to exceed statutory limits on licenses is hindering development, said Greg Bialecki, secretary of Housing and Economic Development. "For the kind of mixed-use developments that developers and investors are interested in building, restaurants are a key element," he said. "We hear about big real estate projects that can get all of their other permits, but they can't get liquor license permits."
Boston City Councilor Ayanna Pressley, who's been pushing for a home-rule petition to regain control of Boston's liquor license process from the Legislature, welcomed the move. "Allowing cities and towns to control their licensing process is an important economic development and civil rights issue," she said in a statement.
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