Before issuance of a permit for any of the above buildings or uses, the Board of Aldermen shall refer the proposed application to the Planning and Zoning Commission, which Planning and Zoning Commission shall be given sixty (60) days in which to make a report regarding the effect of such proposed building or use upon the character of the neighborhood, traffic conditions, public utility facilities, and other matters pertaining to the public health, public safety and general welfare. No action shall be taken upon any application for a proposed building or use above referred to until and unless the report of the Planning and Zoning Commission has been filed; provided however, that if no report is received from the Planning and Zoning Commission within sixty (60) days, it shall be assumed that approval of the application has been given by the said Commission. In the event of a negative recommendation by the Planning and Zoning Commission or a protest by adjacent landowners as provided in Section 405.220 of this Chapter, such permit may not be granted except by the favorable vote of two-thirds (⅔) of all members of the Board of Aldermen. Before issuing the permit, the Board of Aldermen shall hold at least one (1) public hearing, due notice of the time and place of which shall be given as required by law.