Planning Board report. The Planning Board, in its report to the Village Board of Trustees, may recommend either approval of the proposed application for the establishment of the MFPRD District, with or without modifications, or disapproval. In the event of a recommendation for disapproval, the Planning Board shall state in its report the reasons therefor. In preparing its report and recommendation, the Planning Board shall take into consideration the recommendations of the Village Master Plan, the existing nature and arrangement of land uses in the area, the relationship of the proposed design and location of buildings on the site, traffic circulation both on and off the site, the adequacy of available community facilities and utilities to service the proposed development, compliance with the standards and requirements of this chapter, the then-current need for such housing and such other factors as may be appropriately related to the purpose and intent of this section and the Town Code.