(A) Preliminary investigation. On an initial application for an on-sale license and on application for transfer of an existing on-sale license, the city shall conduct a preliminary background and financial investigation of the applicant. The application in such case shall be made on a form prescribed by the state’s Bureau of Criminal Apprehension and with additional information as the Council may require. If the Council deems it in the public interest to have an investigation made on a particular applicant for renewal of an on-sale license, it shall so determine. In any case, if the Council determines that a comprehensive background and financial investigation of the applicant is necessary, it may conduct the investigation itself or contract with the Bureau of Criminal Investigation for the investigation. No license shall be issued, transferred or renewed if the results show to the satisfaction of the Council that issuance would not be in the public interest. If an investigation outside the state is required, the applicant shall be charged the cost not to exceed $100,000, which shall be paid by the applicant after deducting any initial investigation fee already paid. The fee shall be payable by the applicant whether or not the license is granted.
(B) Hearing and issuance. The City Council shall investigate all facts set out in the application and not investigated in the preliminary background and financial investigation conducted pursuant to division (A) above. The City Council may grant hearing as it deems necessary. Upon completion of its investigation and such hearings, if any, as may be held, the City Council shall, in its desecration, grant or refuse the application. No off-sale license shall become effective until it, together with the security furnished by the applicant, has been approved by the Commissioner of Public Safety.