Any developer of a parcel of land greater than 100 acres in size for which the developer is seeking approval of a planned development pursuant to N.J.S.A. 40:55D-1 et seq. may submit a general development plan for the entire parcel to the Planning Board prior to the granting of preliminary approval of that development by the Planning Board pursuant to N.J.S.A. 40:55D-46 or N.J.S.A. 40:55D-48.

The Planning Board shall grant or deny general development plan approval within 95 days after submission of a complete application to the Administrative Officer, or within such further time as may be consented to by the applicant. Failure of the Planning Board to act within the period prescribed shall constitute general development plan approval of the planned development.

The general development plan shall set forth for the entire tract or parcel, the permitted number of dwelling units, the amount of nonresidential floor space, the residential density and the nonresidential floor area ratio for the planned development, in its entirety, according to a schedule which sets forth the timing of the various sections of the development. The planned development shall be developed in accordance with the general development plan approved by the Planning Board notwithstanding any provision of N.J.S.A. 50:55D-1 et seq., or an ordinance or regulation adopted pursuant thereto after the effective date of the approval.

The term of the effect of the general development plan approval shall be determined by the Planning Board using the guidelines set forth in Subsection B(3) of this section, except that the term of the effect of the approval shall not exceed 20 years from the date upon which the developer receives final approval of the first section of the planned development pursuant to N.J.S.A. 40:55D-1 et seq.

In making its determination regarding the duration of the effect of approval of the development plan, the Planning Board shall consider the number of dwelling units or amount of nonresidential floor area to be constructed, prevailing economic conditions, the timing schedule to be followed in completing the development and the likelihood of its fulfillment, the developer's capability of completing the proposed development, and the contents of the general development plan and any conditions which the Planning Board attaches to the approval thereof.

Except as provided hereunder, once a general development plan has been approved by the Planning Board, it may be amended or revised only upon application by the developer approved by the Planning Board.

A developer, without violating the terms of the approval, may, in undertaking any section of the planned development, reduce the number of residential units or amount of nonresidential floor space by no more than 15% or reduce the residential density or nonresidential floor area ratio by no more than 15%; provided, however, that a developer may not reduce the number of residential units to be provided pursuant to N.J.S.A. 52:27D-301 et seq. without prior municipal approval.

Upon the completion of each section of the development as set forth in the approved general development plan, the developer shall notify the Administrative Officer, by certified mail, as evidence that the developer is fulfilling his obligations under the approved plan. For the purpose of this section, "completion" of any section of the development shall mean that the developer has acquired a certificate of occupancy for every residential unit or every nonresidential structure, as set forth in the approved general development plan and pursuant to N.J.S.A. 52:27D-133. If the municipality does not receive such notification at the completion of any section of the development, the municipality shall notify the developer, by certified mail, in order to determine whether or not the terms of the approved plan are being complied with.

If a developer does not complete any section of the development within eight months of the date provided for in the approved plan, or if at any time the municipality has cause to believe that the developer is not fulfilling his obligations pursuant to the approved plan, the municipality shall notify the developer, by certified mail, and the developer shall have 10 days within which to give evidence that he is fulfilling his obligations pursuant to the approved plan. The municipality thereafter shall conduct a hearing to determine whether or not the developer is in violation of the approved plan. If, after such a hearing, the municipality finds good cause to terminate the approval, it shall provide written notice of same to the developer, and the approval shall be terminated 30 days thereafter.

In the event that a developer who has general development plan approval does not apply for preliminary approval for the planned development which is the subject of that general development plan approval within five years of the date upon which the general development plan has been approved by the Planning Board, the approval of the general development plan shall terminate.