(a)   Within forty-five days after receipt of a recommendation from the Planning Commission, Council shall review the application and site plan and shall approve, approve with modification or disapprove of the proposed Planned Unit Development.  Changes in the application or site plan desired by Council shall be referred to the Planning Commission for review and recommendation prior to Council's action thereon.  The basis for Council action and any conditions of the approval of the Planned Unit Development shall be set forth in writing as a part of official Council action.
   (b)   This review and approval by Council shall be based on:
      (1)   The standards incorporated in Section 1292.03 and any other applicable standards set forth in ordinances and regulations of the Village;
      (2)   A determination that the development is not detrimental to the health, safety and welfare of the community; and
      (3)   A determination that the development shall not be detrimental or injurious to the character of the neighborhood in which it is to be located and that the development is compatible with such neighborhood.