HARRISBURG, Pa., Nov. 3, 2016 /PRNewswire-USNewswire/ -- Following validation of 134 bids received by the Oct. 27 deadline for the initial restaurant license auction authorized by Act 39 of 2016, the Pennsylvania Liquor Control Board (PLCB) this week issued Notices of Selection to top bidders on 37 licenses.
Winning bids range from $51,500 for a license in Conemaugh Township, Somerset County, to $556,000 for a license in Carlisle, Cumberland County. The average winning bid is about $212,000.
Three licenses – two in Cameron County and one in Chester, Delaware County, received no bids. The number of bids received for each of the 37 licenses receiving bids ranged from one to nine.
Winning bids and bidders have been posted to the PLCB restaurant license auction web page.
Top bidders have 14 days from the date of each Notice of Selection to remit full bid payment to the PLCB. If bid payment is not received within two weeks of auction award, the second-highest bidder will have opportunity to remit full their bid payment.
Once bid payment is received, each auction winner has six months to file a license application with the PLCB. Bids will be held in escrow by the PLCB, pending approval of the license application.
Revenue from this auction cannot be totaled until license approvals are granted and bids come out of escrow.
This auction included 40 licenses across 21 counties. Four licenses in Philadelphia and four in Allegheny County were available, while two licenses in each of the following counties were up for auction: Butler, Cameron, Chester, Dauphin, Delaware, Erie, Indiana, Lancaster, Lehigh, Montgomery, Somerset, Westmoreland, and York. A single license in each of Adams, Blair, Bucks, Centre, Cumberland, and Washington counties was also available. The auction licenses in Adams, Butler, Cameron, and Cumberland counties were the only expired licenses in those counties that qualify to be auctioned off at the time.
Licenses were selected for this auction based on anticipated high demand for licenses in these areas. A sealed bid process was chosen so that the auction can be completed fairly and quickly through an established bidding process, as well as to maximize auction revenue.
Results from the initial auction will be reviewed to inform methods and timeframes for future auctions.
Statewide, about 1,200 licenses that have expired since 2000 will be made available through auctions in coming months and years.
The PLCB regulates the distribution of beverage alcohol in Pennsylvania, operates more than 600 wine and spirits stores statewide, and licenses 20,000 alcohol producers, retailers, and handlers. The PLCB also works to reduce and prevent dangerous and underage drinking through partnerships with schools, community groups, and licensees. Taxes and store profits – totaling $15.1 billion since the agency's inception – are returned to Pennsylvania's General Fund, which finances Pennsylvania's schools, health and human services programs, law enforcement, and public safety initiatives, among other important public services. The PLCB also provides financial support for the Pennsylvania State Police Bureau of Liquor Control Enforcement, the Department of Drug and Alcohol Programs, other state agencies, and local municipalities across the state. For more information about the PLCB, visit www.lcb.pa.gov.
MEDIA CONTACT: Elizabeth Brassell, 717.919.1905
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SOURCE Pennsylvania Liquor Control Board