It has been determined that there is a need to encourage development in a manner that will generally serve the public health, safety, morals and general welfare of the community and to provide for balanced residential development that can be innovative and responsive to the growing demands for greater variety in type, design and layout of buildings and by the conservation and more efficient use of open space for the creation of greater opportunities for better housing and recreation within the community; and in and for these purposes to provide a procedure which can relate the type, design and layout of residential development to the particular site and area in a manner consistent with the preservation and upgrading of property values within the established residential areas, and to insure that the increased flexibility of substantial regulations of land development authorized herein be subject to such administrative standards and procedures as contained herein; planned residential developments shall be permitted subject to the provisions of this section.