Within 62 days after such public hearing, the Planning Board shall approve, approve with modifications or disapprove the application for site plan approval. The Planning Board, in conjunction with its approval of any site plan review proposal, may impose such requirements and conditions as are deemed necessary, including the restriction of land against further development of principal buildings, whether by deed restriction, restrictive covenants or other similar appropriate means. Failure of the Planning Board to act on an application within 62 days after the public hearing shall constitute approval of the application.