The commission shall have the power and duty to prepare and recommend to the corporate authorities a plan of the present and future development or redevelopment of the village and contiguous unincorporated territory not more than one and one- half (11/2) miles beyond the corporate limits of the village and not included in any other municipality. The plan, when adopted by the village president and board of trustees, shall be designated as the official comprehensive plan, or part thereof, of the village. (1978 Code § 2-1-7)