The owner or owners of any tract of land comprising an area of not less than sixty (60) acres may submit to the President and Board of Trustees a plan for the use and development of all the tract of land. The proposed development plan shall first be submitted in preliminary form. The preliminary development plan shall be referred to the Plan Commission for study, public hearing and report. The Plan Commission, upon receipt of the preliminary development plan, shall set a day certain for a public hearing thereon. Notice of the time and place of such public hearing shall be published at least once, not less than fifteen (15) days nor more than thirty (30) days before the hearing, in a newspaper of general circulation in the Village.
Upon preliminary approval by the Plan Commission of the preliminary development plan, after a public hearing thereon, the applicant shall, within one hundred twenty (120) days thereof, present to the Plan Commission a final development plan which shall not vary materially from the preliminary plan, for final approval by the Plan Commission.
The Plan Commission shall, within thirty (30) days from the receipt of the final plan, make its report and recommendations to the President and Board of Trustees with such additional conditions as are, in its opinion, necessary to fulfill the objectives of this Chapter; provided, however, that if the preliminary plan has received the approval of the Plan Commission, the final plan shall be so approved if the final plan is substantially the same as the preliminary plan, and the planned use shall be consistent with the underlying zoning district.
In its consideration of the preliminary development plan, the Plan Commission shall require evidence that:
(A) The property in the general area of the area included in the plan will not be adversely affected;
(B) The plan is consistent with the intent and purpose of the zoning regulations of the Village to promote the public health, safety and welfare;
(C) The planned use shall form a compatible, harmonious community group or groups;
(D) Any open space, tree cover, recreational area, scenic vista or other authorized land use whose acreage shall be utilized in the determination of the common land, if any be provided, shall, upon the recommendation of the Plan Commission, be conveyed in fee simple title by the owner to a not-for-profit, Illinois corporation with an agreement and restrictive covenants to insure the continued existence and maintenance of said area.