Within 31 days following the receipt by the Town Board of the report of the Planning Board, or its failure to act as above provided, the Town Board shall conduct a public hearing. Within 62 days thereafter the Town Board shall either refuse to approve the development concept plan or shall refer it back to the Planning Board for further consideration of specified matters or shall, by local law duly adopted, approve the development concept plan, with or without modifications to be accepted by the applicants as a condition of such approval, in accordance with the standards for review established in this article, and amend the district Zoning Map of the Town to designate the area included in the approved plan as "Planned Development District No . . . . . . ; provided, however, that if such plan is approved with modifications, the Zoning Map shall not be amended until the applicant has filed with the Town Clerk written consent to such modifications, and provided further that if prior to the adoption of such amendment a protest against such amendment is presented, duly signed and acknowledged, by the owners of 20% or more of the area to be affected by the proposed amendment or by the owners of 20% or more of the area of land immediately adjacent thereto or immediately across a street therefrom, extending 100 feet therefrom, such amendment shall not be adopted except by a three-fourths vote of the Town Board. In the event that the Town Board shall fail to act within the time limit herein specified, the development concept plan shall be deemed finally denied. In the event that the Town Board, prior to the expiration of the time limit herein specified for its refusal or adoption of the proposed amendment, requests further information from the applicant, the time limit for its refusal or adoption or adoption of the proposed amendment shall be extended to 31 days after receipt of such information. The failure of the Town Board to act within the time limit herein specified shall be deemed a refusal of the application.