From time to time, at intervals of not more than five years, the City of Watervliet shall reexamine the provisions of this chapter and the location of district boundary lines. This periodic review shall be conducted by a committee comprised of two members of the Planning Board; two members of the Zoning Board of Appeals; representatives from the Planning Department, Building Department and Corporation Counsel; and not more than two members of the community appointed by the City Council. The committee shall submit a report to the City Council recommending such changes or amendments, if any, which may be desirable in the interest of public welfare, convenience and necessity.