The Board may waive the requirement for the submission of a site plan for its review and approval if the application involves an addition to or an alteration of an existing structure, or if the application involves a change in use of any premises or existing structure. The Board shall only grant such a waiver if it finds, on the basis of an on-site inspection and any other documentation presented, which shall include but not be limited to, a report from any appropriate agency that it has no objection to the waiver requested, that the existing conditions on the premises involved are satisfactory for the proposed use. Application for a waiver of site plan approval shall be submitted in triplicate and in writing to the Borough Clerk with a fee of $150 (payable to the Borough of West Long Branch). The Board shall hold a public hearing on the application as in the case of an application for site plan approval. The Board shall act on the application for a waiver at its meeting during which it holds the public hearing or within such additional time as may be agreeable to the applicant. Any waiver of site plan approval shall be valid for the same period of time as final approval of a site plan would have been valid.