Upon finding that the plans and specifications for the proposed development of the section or phase conform to the above conditions, the Planning Board shall so inform the administrative officer that, upon presentation of requisite working drawings and specifications, such permits may be issued. Upon substantial completion of any phase which shall include all performance bonds, covenants and similar instruments to assure such completion, and before proceeding with the review and approval of additional phases, the Planning Board may require a report and review of the status, character and conditions and other previous completed phases with regard to their compliance with the plans, specifications and estimates which formed the basis for its action and approval. Upon finding that such compliance has occurred, the Board shall initiate proceedings for the review of the new phase.