A. 
The Township Committee may by ordinance adopt or amend an Official Map of the Township, to reflect the appropriate provisions of the Master Plan, or it may adopt such map which, in whole or in part, is inconsistent with the Master Plan, but only by an affirmative vote of a majority of its full authorized membership, with the reasons for so acting recorded in the minutes when adopting the Official Map. Prior to the hearing on the adoption of the Official Map or any amendment thereto, the Township Committee shall refer the proposed map or amendment to the Board.
B. 
The Official Map shall be deemed conclusive with respect to the location and width of streets and public drainageways and to the location and extent of flood control basins and public areas, whether improved or unimproved or in actual existence.
Upon receiving an application for development, the Township may reserve for future public use the aforesaid streets, ways, basins and areas shown on the Master Plan or Official Map as follows:
A. 
Time. The Board may reserve their location and extent as shown on the development plat for a period of one year after approval of the final plat or for such further time as may be consented to by the applicant. Unless during such period or extension thereof the Township shall have entered into a contract to purchase or institute condemnation proceedings according to law for the fee or a lesser interest therein, the applicant shall not be bound by such reservations shown on the plat and may proceed to use such land for private use in accordance with applicable development regulations. These provisions shall not apply to streets and roads, flood control basins or public drainageways necessitated by the subdivision or land development and required for final approval.
B. 
Compensation. The applicant shall be entitled to just compensation for actual loss found to be caused by such temporary reservation and deprivation of use. Unless a lesser amount has been previously mutually agreed upon, this shall be deemed to be the fair market value of an option to purchase the land reserved for the period of reservation; provided, however, that the determination of such fair market value shall include but not be limited to consideration of the real property taxes apportioned to the land reserved and prorated for the period of reservation. The applicant shall be compensated for the reasonable increased cost of legal, engineering or other professional services incurred in connection with obtaining subdivision or site plan approval caused by the reservation. The procedure for payment by the Township of just compensation shall be provided by ordinance.
Township approval by ordinance under any law other than the Municipal Land Use Law of the layout, widening, changing the course of or closing of any street or the widening or changing the course of any public drainageway or changing the boundaries of a flood control basin or public area shall be subject to the provisions of that law and this chapter.