Every such proposed amendment initiated by motion of the Town Board or by petition of a property owner shall be referred by the Town Board to the Planning Board for a report and recommendation thereon before a public hearing is conducted by the Town Board pursuant to the provisions of this article. The Planning Board shall submit its report and recommendation to the Town Board not more than 60 days after the first meeting of the Planning Board held subsequent to such referral unless, within such 60 days, such proposal shall be withdrawn or amended or the Planning Board shall determine that, by reason of the complexity of the questions presented or like considerations, an additional period of time, not exceeding 30 days, is reasonably required for the proper disposition thereof. If the Planning Board shall not have submitted its report and recommendation within such 60 days or requested an additional period of not exceeding 30 days, the Town Board, in its discretion, may proceed to final consideration of the proposal.