How do I tell a friend that I have feelings for him?

I have a friend that just moved back in to town,. We used to hang out all the time when he lived here before, in 2007. I liked him then, but accepted that we would just be friends and never said anything about it. Now, I am hanging out with him. He just moved back to town and I like him now more than I did in 2007. How do I bring this up without ruining our friendship? Should I do it now? Should I wait until we are both drunk? (haha) I am gay, and so is he obviously. But I think he might see me as just a friend. He moved back into my city….. we are hanging out right now. I am a little more drunk than he is… which could be bad. ANYWAY advice… should I bring it up now? Should I text him tomorrow? What are your thoughts?