In the case of a subdivision of or a site plan for an area of 50 acres or more, the Planning Board may grant the above rights for such period of time longer than three years, as shall be determined by the Planning Board taking into consideration the number of dwelling units and non-residential floor area permissible under preliminary approval, economic conditions and the comprehensiveness of the development.
The applicant may apply for thereafter and the Planning Board may thereafter grant an extension to preliminary approval for such additional period of time as shall be determined by the Planning Board to be reasonable taking into consideration the number of welling units and non-residential floor area permissible under preliminary approval, the potential number of dwelling units and non-residential floor area of the section or sections awaiting final approval, economic conditions and the comprehensiveness of the development, provided that if the design standards have been revised, such revised standards may govern. If the Planning Board acts favorably upon a preliminary plat, the Chairman and Secretary of the Board shall affix their signatures to the plat with a notation that it has received preliminary approval and shall return same to the subdivider for compliance with final approval requirements. Where conditional approval is granted, the Chairman and the Secretary of the Board shall affix their signatures to the plat only where all conditions required for approval have been met.