(b) The Board may issue the license to a for-profit organization to sell and serve beer, wine, and liquor at an entertainment event that is held on a premises that is:

(1) located within the corporate limits of the Town of Ocean City;

(2) owned by the Town of Ocean City; and

(3) approved in writing by the Ocean City Police Department.

(c) The Board may adopt regulations that:

(1) restrict the number of licenses issued under this section each year; and

(2) establish the requirements for conducting the sale and service of beer, wine, and liquor at the event described in subsection (b) of this section, including health and safety standards to be met by a license holder.

(d) An applicant for the license shall submit an application under oath on the form that the Board provides.

(e) The license fee is $5,000 per entertainment event.