In major subdivisions where three or fewer new building lots are involved as part of a development application, the Planning Board, upon request of an applicant, shall have the power to defer requirements for the installation of public improvements or posting of improvement guarantees for such improvements, provided that:
(1) The applicant clearly demonstrates that such improvements are not reasonably immediately necessary to ensure the public health, safety or welfare of residents or potential residents of the lots involved or existing residents of the adjacent areas. In establishing the basis for a deferment, the Planning Board may take into account a report from its engineer, planner or other advisers or agencies it deems appropriate as to when such improvements may be necessary in the public interest and as to the timing of improvement activities by adjacent landowners or other public agencies which would require installation of the subject subdivision improvements to complete a development scheme for the adjacent area.
(2) Any deferment granted shall not relieve the applicant or any subsequent owners of the initial tract from which the new lots are being created from the responsibility for the installation or payment of a pro rata share of the ultimate costs of installation of improvements related to and benefiting the lots of the subject development application. Such deferred liability shall be enforced in connection with an off-tract improvement pursuant to the Municipal Land Use Law and this chapter at the time of the development of the remainder of the initial tract or the development of any other related tract, or as otherwise provided by law.
(3) The final plat, Planning Board final approval resolution and individual lot deed instruments shall stipulate the terms and conditions of any such deferments. In addition, recordable agreements may be required at the option of the Planning Board.
(4) Only one deferment as outlined herein for a parcel (contiguous lots under similar ownership shall constitute a single parcel for purposes of this deferment provision) may be permitted from the date of enactment of this Article
VII.