Within sixty (60) days after the first regular meeting of the Planning and Zoning Board after the receipt of the proposed amendment, the Planning and Zoning Board may recommend to the Village Council that the amendment be approved as requested, approved with modification, or it may recommend that the amendment be denied. A public hearing may be held by the Planning and Zoning Board for consideration of the proposed amendment. If such a hearing is held, the Planning and Zoning Board shall follow the same requirements for notification as specified in Section 1115.06 below.