An educational institution shall file with the city plan commission an application for major land development project approval of its proposed institutional master plan. An approved institutional master plan shall be valid for five years from the date of final approval. Once approved, each educational institution shall review its institutional master plan at five years following the first approval, and every five years thereafter (regardless of any intervening amendments) to determine if any changes are being considered or proposed. If no major changes are proposed (see subsection (C) below), the institution shall notify the city plan commission in writing of its intention to renew the current institutional master plan for another five years, and the administrative officer may administratively approve such renewal, or may refer it to the city plan commission. If referred to the city plan commission, or if any major changes are proposed, a public hearing shall be held in accordance with the procedure for review and approval of a major land development set forth in the subdivision and land development regulations of the city of Cranston. In either case, any renewal approval shall be recorded in the land evidence records.