Upon receipt of the Planning Board report and after the preparation of a generic environmental impact statement, where necessary, the Town Board may address the application. In accordance with the other provisions of this article, 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 shall be: whether the location from which the development rights are being transferred consists of natural, scenic, recreational, 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 increase development is compatible with the development otherwise permitted by the Town within the district.