Upon approval of the preliminary plat, a final plat shall be submitted for land being subdivided. The final plat of the subdivision shall be a comprehensive plan of the development. It shall incorporate all modifications required by the Village Council and otherwise conform to the preliminary plat as approved. The applicant may submit a final plat of only that portion of an approved preliminary plat which he proposes to develop and record at the time, provided that such portion conforms to all provisions of these regulations. Nonetheless, all portions of the tract covered by the preliminary plat shall be developed within a two (2) year period, unless an extension of time is granted by the Board.