Within forty (40) days following receipt of the recommendation of the Planning and Zoning Commission, the City Council shall hold at least one public hearing on the Conditional Use Permit. Notice shall be given as prescribed in Section 5.800. Within twenty (20) days following the closing of a public hearing, the City Council may grant a Conditional Use Permit as the Permit was applied for in a modified form or subject to conditions, or may deny the application. The City Council shall notify the applicant of its decision.