The Mayor shall refer each application for a permit required by Section 864.01 to Council. Council shall forward the application to the Planning Commission and the Fire Department which shall investigate the premises for which such permit is sought and which shall hold a public hearing thereon. The Commission shall send a notice of the hearing by regular mail to all property owners within a 500-foot radius of the property proposed as a drilling site. When the Commission completes its investigation, the application and the report of the Commission shall be forwarded to Council for its consideration. If the same are found to comply in all respects with this chapter, Council shall recommend the granting of the permit; otherwise, it shall recommend rejection of such application. The Mayor shall issue or reject the permit upon the recommendation of Council within ten days of such recommendation.