After receipt of the report and recommendations of the Planning Board, the City Council shall consider the application. The decision of the City Council to act or not to act on any application shall be deemed a legislative act in the sole discretion of the City Council. The City Council may determine, in its sole discretion, whether or not to act on any application and whether or not to grant, deny or modify any application. If the City Council shall act on any proposed amendment to this chapter, it shall do so in compliance with N.J.S.A. 40:55D-62, et seq.