For any application for approval of a site plan or minor improvement plan, the applicant may request a reduction in the number of parking spaces provided on the site by indicating on such plan an area which shall be designated and reserved as land-banked parking and shall remain as either grass or landscaped area. Such applicant shall submit documentation to the satisfaction of the Planning Board or an authorized representative of the Planning Board (such as the Chairperson or Clerk of the Planning Board) that the area designated and reserved as land-banked parking is not necessary for the proposed use. Such land-banked parking area shall be subject to review and approval by the Planning Board or an authorized representative of the Planning Board and shall comply with all applicable regulations established herein for parking areas and driveways, as well as all other applicable laws, ordinances, codes, rules or regulations. Such land-banked parking area shall not be converted to parking spaces unless and until approval has been granted by the Planning Board or an authorized representative of the Planning Board.