Where it is determined by the Environmental Review Committee that an Environmental Impact Report (EIR) is required for a proposed project, action on a proposed site plan shall be deferred until such time as the EIR has been prepared and reviewed pursuant to provisions of the City's Guidelines and State law. The Planning Commission and/or City Council shall, at the completion of said EIR review, attach such conditions to the approval of the site as in their judgement mitigate or reduce to acceptable levels any of the environmental impacts identified during review of the EIR. The Planning Commission and/or City Council may deny a site plan if it is found that such mitigation or reduction of environmental impacts is not feasible.