If a person proposes to engage in development in an area of local or state interest or to conduct an activity of local or state interest not previously identified, designated or for which regulations have not been adopted, the Town Council alone may hold one (1) hearing for determination of identification, designation and regulations as well as for granting or denying the permit. No permit that is granted at the conclusion of any such hearing shall be authority to engage in development or to conduct an activity until the identification, designation and regulations are finally determined.