(e) If, in the opinion of the owner of any subdivision or a portion thereof, or any interested utility company, the installation of underground facilities is economically or physically unfeasible, such owner or utility company may apply to the Planning and Zoning Commission for exemption of the subdivision or portion thereof from the requirements of this section, stating in the application for exemption the reasons therefor, and submitting therewith such exhibits, documents and data as may be necessary to substantiate the request. The Commission shall hold a hearing, at which the applicant and any other interested person may appear, at its regularly scheduled meeting, after the submission of an application for exemption. Notice of the hearing shall be given by certified mail by the applicant, at the applicant's expense, to each interested utility and owner no less than seven days prior to such hearing. If the Commission denies the application following the notice and hearing, the applicant may file a written appeal therefrom with the Village Clerk, stating the reasons therefor, within thirty days following the announcement of such decision by the Commission. Such appeal shall be placed on the agenda for the next regularly scheduled meeting of Council following the filing thereof with the Clerk and shall be heard at such meeting. Council may, by resolution, reverse or affirm, wholly or in part, or may modify the decision of the Commission.