Upon receipt of the Planning Board report with any necessary attachments, the Town Board shall address the application. Said application shall be returned to the Town Board by the Planning Board within 60 days of presentation of the application to the Town Board. The Planning Board may apply to the Town Board for one and no more extension of 60 days in order to complete its work. The Town Board shall schedule a public hearing to consider the application and provide notice of said hearing. Among the factors to be considered by the Town Board and the Planning Board shall be: whether the location from which the development rights are being transferred consists of natural, scenic, recreations, agricultural, forest or open land or sites of special historical, cultural, aesthetic or economic values sought to be protected; and whether the location to which the development rights are to be transferred contains adequate resources, environmental quality and public facilities, including adequate transportation, water supply, waste disposal and fire protection and that there will be no significant environmentally damaging consequences; and such increased development is compatible with the development otherwise permitted by the Town within the receiving district.