Brookline Selectmen voted Tuesday to move forward with a plan to convert the town’s taxi cab licensing system to a medallion program over the next few years.
The conversion to medallions, which are permits to operate a cab, is expected to generate almost $15 million in revenue for the town, said Todd Kirrane, the town’s transportation administrator.
Brookline has been studying and preparing for a conversion to a medallion system since 2006. Boston already uses a medallion system.
Brookline currently has 185 licensed taxis, with the largest companies being Bay State Taxi and Red Cab and several other smaller companies.
Kirrane said that in an effort to enable the existing taxi cab companies to make the transition into the medallion system, the town is establishing three different tiers of pricing during the conversion. The town expects the highest prices to come from the third and final tier of medallions, which are expected to fetch a market price of about $125,000 at auction.
Kirrane estimated that it could take about 3 and a half years to complete the conversion.