The Master Plan is comprised of a report or statement of land use and development proposals with maps, diagrams and text presenting a statement of objectives, principles, assumptions, policies and standards upon which constituent proposals for the physical, economic, and social development of the municipality are based; a land use plan element taking into account and stating its relationship to the statement above and other Master Plan elements provided for and natural conditions, including but not necessarily limited to topography, soil conditions, water supply, drainage, flood plain areas, marshes and woodlands; showing the existing and proposed location, extent and intensity of development of land to be used in the future for varying types of residential, commercial, industrial, agricultural, recreational, educational, and other public and private purposes or combination of purposes and stating the relationship thereof to the existing and any proposed zone plan and any proposed zone plan and the zoning ordinance; and showing the existing and proposed location of any airports and the boundaries of any airport safety zones delineated; and including a statement of the standards of population density and development intensity recommended for the municipality. The Master Plan which is reviewed every seven years is re-examined at intervals within that time period. The Planning Board holds a public hearing before the adoption of or amendments to the Master Plan by the Township Council.