Authority to modify zoning requirements. In order to enable and encourage flexibility of design and development of land in such a manner as to preserve its natural and scenic qualities, protect areas of meaningful ecological value, reduce flood hazards, facilitate the adequate and economical provision of streets and utilities, minimize negative environmental impacts, improve the aesthetic quality of new residential developments, encourage the conservation of energy, increase recreational opportunities and otherwise promote the planned and environmentally desirable use of land, the Board of Trustees may, simultaneously with the approval of a subdivision plat of not more than 10 lots, modify the otherwise applicable provisions of this chapter with respect to minimum lot size, lot width, lot coverage, yard requirements, and frontage requirement in connection with the subdivision and redevelopment of any property if it finds that development of the property without such restrictions benefits the Village by protecting natural features and open space resources or otherwise.