All properties located within HOD (Historic Overlay Districts) and all historic sites reflected in the Historic Preservation Element of the Master Plan are subject to the provisions of Section 35-807. Any application for development over which the Planning Board or the Board of Adjustment has jurisdiction and which involves an historic site shall be referred to the Historic Preservation Commission by the Board of jurisdiction for report and recommendation. Within 45 days of receipt of an application, the Historic Preservation Review Commission shall review the application and shall issue a written report to the Board of jurisdiction recommending approval, approval with conditions or denial of the application, based upon the standards hereinafter set forth. The Board of jurisdiction shall review the report of the Commission and shall make a final determination as to the disposition of the application, namely, to approve, approve with conditions or deny the application. Failure of the Historic Preservation Commission to report to the Board of jurisdiction within 45 days of this referral shall be deemed to constitute a report in favor of issuance of the permit and without the recommendation of conditions to the permit. In making its determination, the Board of jurisdiction shall be guided by the same standards and principles applicable to the Historic Preservation Commission as contained in Section 35-807.