The Board shall approve an application and issue the license for which application is made if the Board determines that: issuing the license is necessary for the accommodation of the public; the applicant is a fit person to receive the license for which application is made; the applicant has not made a material false statement in the application; the applicant has not acted fraudulently in connection with the application or the operation of the underlying business; if the license is issued, the operation of the business will not unduly disturb the peace of the residents of the neighborhood in which the business is to be located; and there are no other reasons, in the discretion of the Board, why the license should not be issued. The Board shall maintain a record of licenses issued.