Presentation of petition. Whenever the owners of 50% or more of the street frontage of the real property to which the subject matter of the application applies shall present to the Board of Trustees a petition duly signed and acknowledged requesting an amendment, supplement, change, modification or repeal of the regulations prescribed in this chapter or of the Official Zoning Map, including any district or part thereof, it shall be the duty of the Board of Trustees to hold a public hearing thereon and cause notice thereof to be given in the prescribed manner.