If a site plan or subdivision plan is not submitted to the Planning Board as required herein within one year of receiving an MU Zone change approval, the lands on which the MU Zone was granted shall automatically revert back to the zoning district prior to the MU Zone change. The Town Board, in its discretion, may extend such time frame by up to one year. Should the Town Board approve the proposed amendment creating an MU District, it may attach conditions to such approval. If the MU District has been approved by the Town Board and has received site plan and/or subdivision approval from the Planning Board and is not substantially developed in accordance with the approved concept plan and site/subdivision plan within five years of the effective date of the zoning amendment, and provided that it shall then appear that rights vested in persons acting in good faith in reliance on such zoning classification will not be prejudiced thereby, the Town Board, upon resolution and no earlier than 62 days following written notice to the applicant and general publication in a newspaper of general circulation, may revoke the MU Zone, and the property shall revert back to the zoning district prior to the zone change.