In the event the Town Board approves the development plan subject to conditions or modifications, the resolution granting such conditional approval shall indicate the specific conditions or modifications which final approval is subject to and the time period in which such modifications or conditions must be satisfied for final approval to be granted. In such case, the Town Board shall notify the owner, in writing, of the reasons for its decision. In the event the Town Board disapproves the development plan, the resolution denying such approval shall indicate the reasons for such decision. In such case, the Town Board shall notify the owner, in writing, of the reasons for its decision.