If the owner of record of a vehicle seized pursuant to this Section desires to appeal the seizure, said owner must make a request for said hearing within twenty-four (24) hours of the seizure. Said request shall be in writing and filed with the Deputy Chief of Police or his designee who shall, if the appeal is timely filed, conduct such preliminary hearing within 24 hours after receipt of the request excluding Saturdays, Sundays, or Village holidays. All interested persons shall be given a reasonable opportunity to be heard at the preliminary vehicle impoundment hearing. The formal rules of evidence will not apply at the hearing and hearsay evidence shall be admissible only if it is the type commonly relied upon by reasonably-prudent persons in the conduct of their affairs. If, after the hearing, the Deputy Chief of Police or his designee determines there is probable cause to believe that the vehicle is subject to seizure and impoundment pursuant to this Section, he shall order the continued impoundment of the vehicle as provided in this Section, unless the owner of the vehicle posts with the Village a cash bond in the amount of $500.00, and pays the tower any applicable towing and storage fees. If the Deputy Chief of Police or his designee determines that there is no such probable cause, the vehicle will be returned without penalty or other fees.