At any time after the filing of a plat with the clerk of the circuit court of the county and during the period specified for the reservation, a planning commission and the owner of reserved land may agree to modify the location of the lines of a proposed street. An agreement to modify the location shall include a release by the landowner of any claim for compensation or damages caused by the modification. After the release is executed, the planning commission may make a plat corresponding to the modification and transmit the plat to the legislative body for approval. If the legislative body approves the modified plat, the clerk of the legislative body shall transmit an attested copy of the modified plat to the clerk of the circuit court of the county in which the local jurisdiction is located. The modified plat shall supersede the original or prior plat.