Authorization. The Town Board hereby authorizes the Planning Board, simultaneously with the approval of a plat or plats pursuant to the Town Subdivision Regulations, to modify applicable provisions of this chapter, subject to the conditions hereinafter set forth and such other reasonable conditions as the Town Board may, in its discretion, add thereto. The purpose of such authorization shall be to enable and encourage flexibility of design and development of land in such a manner as to promote the most appropriate use of land, to facilitate the adequate and economical provision of streets and utilities and to preserve the natural and scenic qualities of open lands.