The Town Board shall appoint two alternate members of the Planning Board to substitute for any regular member in the event of a conflict of interest or other appropriate factor such as illness, vacation or other absences. The alternate member(s) shall be appointed by resolution of the Town Board for a term of seven years. The chairperson of the Planning Board may designate an alternate member to substitute for a regular member whenever any regular member is unable to participate in an application or matter before the Board. When possible, the chairperson shall alternate the substitution by the two alternate members so that the alternate members have approximately equal opportunities to serve on the Planning Board to the maximum extent possible. When so designated, the alternate member shall possess all of the powers and responsibilities of such regular member. Such designation shall be entered into the minutes of the initial Planning Board meeting at which the substitution is made. All provisions relating to Board member training and continuing education, attendance, conflict of interest, compensation, eligibility, vacancy in office, removal and service on other Boards shall also apply to alternate members, with compensation provided to the alternate members only for meetings at which they actually serve on the Board.