The Village Planning Commission is empowered to make, from time to time, plans for the location of the proposed lines of a street or streets in any portion of the village, and to make, from time to time, plats of the areas or districts thus planned, showing the location of the lines. The Commission may transmit to the Council any plat, together with the Commission's estimate of the period or periods within which the land shown on the plat as street location or locations should, in its opinion, be required by the municipality for street purposes.