SECTION 1. (a) Notwithstanding section 17 of chapter 138 of the General Laws, the licensing authority of the city of Revere may grant two additional licenses for the sale of all alcoholic beverages not to be drunk on the premises pursuant to section 15 of said chapter 138 to businesses located and operating within the Suffolk Downs Overlay District in the city of Revere. The license shall be subject to all other provisions of said chapter 138 except said section 17.

(b) The licensing authority shall not approve the transfer of a license granted under subsection (a) to any other location, but it may grant a license to a new applicant at the same location.

(c) If a licensee terminates or fails to renew a license granted under this section or any such license is cancelled, revoked or no longer in use, it shall be returned physically, with all of the legal rights, privileges, and restrictions pertaining thereto, to the licensing authority, which may then grant the license to a new applicant at the same location under the same conditions as specified in this section, otherwise such license shall dissolve.

(d) A license granted under this section shall be issued within one year after the effective date of this act; provided, however, that a license originally granted within that time period may be granted to a new applicant under subsections (b) and (c) thereafter.

SECTION 2. This act shall take effect upon its passage.