If a site plan or subdivision plan is not submitted to the Planning
Board as required herein within one year of receiving an MU Zone change
approval, the lands on which the MU Zone was granted shall automatically
revert back to the zoning district prior to the MU Zone change. The
Town Board, in its discretion, may extend such time frame by up to
one year. Should the Town Board approve the proposed amendment creating
an MU District, it may attach conditions to such approval. If the
MU District has been approved by the Town Board and has received site
plan and/or subdivision approval from the Planning Board and is not
substantially developed in accordance with the approved concept plan
and site/subdivision plan within five years of the effective date
of the zoning amendment, and provided that it shall then appear that
rights vested in persons acting in good faith in reliance on such
zoning classification will not be prejudiced thereby, the Town Board,
upon resolution and no earlier than 62 days following written notice
to the applicant and general publication in a newspaper of general
circulation, may revoke the MU Zone, and the property shall revert
back to the zoning district prior to the zone change.