The Common Council may by ordinance adopt land use and development regulations, including, but not limited to zoning and subdivision regulations to implement the development plan. Before acting on any proposed ordinance concerning land use and development regulations, urban renewal or expenditures for capital improvements, where such ordinance refers to matters covered by the comprehensive development plan, the Common Council shall refer the proposal to the City Planning Commissions which shall, within a period specified by the Common Council and prior to the public hearing on the proposed ordinance, report its recommendations.