A. 
Preliminary approval of a major subdivision pursuant to § 160-48 of this chapter or of a site plan pursuant to § 160-52 of this chapter shall, except as provided in Subsection B of this section, confer upon the applicant the following rights for a three-year period from date of preliminary approval:
(1) 
That the general terms and conditions on which preliminary approval was granted shall not be changed, including but not limited to use requirements; layout and design standards for streets, curbs and sidewalks; lot size; yard dimensions and off-tract improvements; and, in the case of a site plan, any requirements peculiar to site plan approval pursuant to Article VIII of this chapter, except that nothing herein shall be construed to prevent the municipality from modifying by ordinance such general terms and conditions of preliminary approval as relate to public health and safety.
(2) 
That the applicant may submit for final approval on or before the expiration date of preliminary approval the whole or a section or sections of the preliminary subdivision plat or site plan, as the case may be.
(3) 
That the applicant may apply for and the Planning Board may grant extensions on such preliminary approval for additional periods of at least one year, but not to exceed a total extension of two years, provided that if the design standards have been revised by ordinance, such revised standards may govern.
B. 
In the case of a subdivision of or site plan for an area of 50 acres or more, the Planning Board may grant the rights referred to in Subsection A above for such period of time, longer than three years, as shall be determined by the Planning Board to be reasonable, taking into consideration the number of dwelling units and the nonresidential floor area permissible under preliminary approval, economic conditions and the comprehensiveness of the development. The applicant may apply for thereafter and the Planning Board may thereafter grant an extension to preliminary approval for such additional period of time as shall be determined by the Planning Board to be reasonable, taking into consideration the number of dwelling units and the nonresidential floor area permissible under preliminary approval and the potential number of dwelling units and the nonresidential floor area of the section or sections awaiting final approval, economic conditions and the comprehensiveness of the development, provided that if the design standards have been revised, such revised standards may govern.
The final approval of a site plan or major subdivision has the following effect:
A. 
The zoning requirements applicable to preliminary approval first granted and all other rights conferred upon the developer pursuant to § 160-65 of this chapter, whether conditionally or otherwise, shall not be changed for a period of two years after the date of final approval, provided that, in the case of a major subdivision, the rights conferred by this section shall expire if the plat has not been duly recorded within the time period provided in § 160-14 of this chapter. If the developer has followed the standards prescribed for final approval and, in the case of a subdivision, has duly recorded the plat as required in § 160-49, the Planning Board may extend such period of protection for extensions of one year, but not to exceed three extensions. Notwithstanding any other provisions of this chapter, the granting of final approval terminates the time period of preliminary approval pursuant to § 160-65 above for the section granted final approval.
B. 
In the case of a subdivision or site plan of 50 acres or more, the Planning Board may grant the rights referred to in Subsection A of this section for such period of time, longer than two years, as shall be determined by the Planning Board to be reasonable, taking into consideration the number of dwelling units and the nonresidential floor area permissible under final approval, economic conditions and the comprehensiveness of the development. The developer may apply for thereafter and the Planning Board may thereafter grant an extension of final approval for such additional period of time as shall be determined by the Planning Board to be reasonable, taking into consideration the number of dwelling units and the nonresidential floor area permissible under final approval, the number of dwelling units and the nonresidential floor area remaining to be developed, economic conditions and the comprehensiveness of the development.