The Mayor and Borough Council of the Borough of Seaside Heights hereby determine that it is in the public interest to reduce the number of plenary retail consumption licenses within the Borough of Seaside Heights. It is also the finding of the governing body that the number of existing plenary retail consumption licenses exceeds one for each 2,000 of population according to the latest federal census.
The governing body hereby authorizes the acquisition and retirement by the municipality of plenary retail consumption licenses by contracts with licensees and the appropriation of funds therefor. No such contract shall authorize payment to the licensee for transfer of the license to the municipality in an amount in excess of $30,000. Additionally, no such contract shall result in the reduction in the number of plenary retail consumption licenses to fewer than one for each 3,000 of the municipality's population, and no license so acquired by the municipality shall be reissued to any applicant.
Prior to entering into a contract for the acquisition and retirement of a plenary retail consumption license with a licensee, the governing body shall approve and authorize the actual contract by resolution approved by the governing body.
In addition to the license fees set forth in § 17-4 of this chapter, there shall be an additional annual license fee for all plenary retail consumption licenses in the Borough of Seaside Heights in the amount of $200. This increase shall be continued in force for each license year until the total revenue derived from such additional license fees in all years shall equal the total amount expended by the Borough of Seaside Heights to acquire and retire licenses pursuant to contracts authorized by this article. If in the final year in which the additional license fee authorized by this section is in effect, the total additional revenue derived in all years from such increase shall exceed the amount expended for acquisition of license and retirement of indebtedness utilized to purchase such licenses, such excess shall be rebated pro rata to the then current licensees who paid such additional license fees or credited against the license renewal fee next payable by such licensees.