The owner or owners of any tract of land comprising an area of not less than one (1) acre may submit to the Board of Adjustment a plan for the use and development of such tract of land for residential purposes and if such development plan is approved after public notice and hearing by the Board and after study and report by the City Planning and Zoning Commission, the application of the use, height, yard and lot regulations and other regulations established herein may be modified by the Board of Adjustment in accordance with the development plan, provided that under said development plan the appropriate use of property adjacent to the area included in said plan is properly safeguarded and that said plan is consistent with the intent and purposes of this Chapter to promote public health, safety, morals and general welfare.

If an adverse report is given by the City Planning and Zoning Commission concerning the development plan or any portion thereof, then said plan may only be approved by the Board of Adjustment by a four-fifths (4/5) vote of the entire membership.