The Board of Trustees finds that in order to promote opportunities that exist for economic investment in areas in close proximity to the Long Island Rail Road, the downtown commercial corridor, and municipally-owned property, the requirements of the underlying zoning code provides the opportunity to advance revitalization efforts for promoting redevelopment of existing property. According to New York State Village Law § 7-703, the Village Board of Trustees is authorized to provide and regulate by planning and zoning, the granting of incentives or bonuses. The incentives and bonuses include adjustments to permissible density, area, height or other zoning provisions. Establishing an overlay zoning code provides for zoning incentives or bonuses in exchange for specific benefits or amenities that help promote revitalization that can allow for uses that are consistent with being in close proximity to public transportation and compatible with neighborhood residential uses.