Within 60 days of receipt of the preliminary application and all accompanying material, the Planning Board shall call a public hearing on the preliminary application. Public notice of the hearing shall be given by publication in the official newspaper at least 10 days prior to the date of the hearing. Public notice shall also include the mailing, by certified mail, at least 10 days prior to the hearing, of the notice of hearing to all owners of property abutting and within 500 feet of the property which is the subject of the hearing. The applicant shall furnish stamped (certified mail) envelopes, addressed with each such property owner at the time of application. Public notice shall also include the display of a notice sign, provided by the Village, on all street frontages of the property at least 10 days prior to the hearing. Within 60 days after the closing of the public hearing, the Planning Board shall decide to approve, approve with modifications or disapprove the preliminary application. The decision of the Planning Board shall be filed in the office of the Village Clerk, and a copy of the decision shall be mailed to the applicant.