If the application for final site plan approval is complete and satisfactory, the Planning Commission shall schedule a public hearing to be held within 62 days from the time of submission of the complete application, unless, however, the Planning Commission deems the final site plan to be in substantial agreement with the preliminary plat previously submitted and approved, in which case the public hearing may be waived. The hearing, if required, shall be advertised in a newspaper of general circulation in the City at least five days before its scheduled date. In addition to the public notice of hearing, notice shall be given by first-class mail to all property owners of land immediately adjacent, extending 500 feet from and directly opposite thereto, a property which has a site plan review pending before the Planning Commission, at least five days in advance of the hearing.