Presentation of petition. Whenever the owners of 50% or more of the street frontage of the land to which the subject matter of the application applies shall present to the Mayor and Council 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 of the Borough, including any district or part thereof, it shall be the duty of the Mayor and Council of the Borough of Lodi to hold a public hearing thereon and cause notice thereof to be given in the prescribed manner.