(a) The organization, development and designation of a business improvement district shall be initiated by a petition filed in the office of the clerk of the governing body of the municipality. The petition shall be signed by not less than four owners who own commercial property in the proposed business improvement district having an assessed value as reflected on the county assessor's landbooks of not less than fifty-one percent of the value of all commercial property in the proposed business improvement district.
(b) The petition shall set forth:
(1) The name of the proposed district, including a descriptive name thereof and the words "business improvement district";
(2) A general description of the boundaries and service area of the proposed district;
(3) A general description of the additional or extended services needed within the district; and
(4) A request for the organization of a business improvement district.