Beginning in January 2014, and in January every 10 years thereafter, the City Council shall hold a public hearing to consider the need for a comprehensive review of the existing Charter and shall determine whether or not to appoint a Committee to consider and propose amendments to the existing Charter. Within 12 months after its creation, or such other time period as may be specified by the City Council, the Committee shall present to the City Council any proposed amendments to the Charter. The City Council shall act upon the recommendations of the Committee before the last day to place the proposed amendments on the ballot at the next regular municipal election. The City Council may, at its discretion, appoint a Charter Review Committee at any time.