When owners of more than 50% of the frontage within a district
or part of a district shall present to the Borough Council a duly
signed petition for the amendment, change or modification of the regulations
prescribed for said district or part thereof, the Borough Council
shall act upon said petition within 120 days after the filing of said
petition with the Borough Clerk. Said petition shall be accompanied
by a map showing the lots, buildings and uses of property within the
area for which the change of district is asked as well as of all the
property within 100 feet therefrom, exclusive of street space. Said
petition shall furthermore set forth the grounds or reasons for the
proposed change. Any proposed amendment or change of district or part
of district petitioned by owners shall be referred to the Planning
Board for study and report. The Planning Board shall report back to
the Borough Council its findings upon such proposed amendment or change
within 60 days after the receipt of such reference.