The city shall review the storage permit when there has been a leak or release or when it determines that an underground storage tank system or any part thereof is unsafe, and may modify, suspend or revoke the permit in accordance with the provisions of §§ 150.508 through 150.510. In determining whether to suspend, terminate or modify the permit, the city shall consider the age of the underground storage tank system or part thereof, the condition of the primary, secondary and tertiary containment, the leak detection monitoring methods employed, the feasibility of any required repair or modifications, the concentration of the hazardous materials involved, the severity of any potential leaks or unauthorized releases and the suitability of any other long term preventative measures which meet the requirements of this chapter.