Optional public hearing. The Planning Board shall have the authority to hold a public hearing on the proposal, and may hold such a meeting in conjunction with the City Council. The Planning Board shall fix a public hearing date within 30 days of receipt of a complete application for any such hearing. Notice of the hearing shall be served by the City, at least five days before the date of such hearing, to the public and to each owner of real estate lying within a distance of 300 feet from the exterior boundaries of the proposed Planned Development District. The costs of notification, including but not limited to publishing, posting and mailing costs, shall be paid by the applicant prior to the issuance of any building permit.