Community Planning Committees shall be initiated by submission of a petition to the City Council delineating the territory of the community, which territory should be based upon demographic considerations providing for some well-defined geographic area as well as a community of interests. Said petition shall affirm that at least 5,000 persons reside within the proposed community and must be signed by 25 percent of the electors within said territory. Upon receipt of the petition, the City Council shall set a public hearing, publishing notice of said hearing twice prior thereto, the second publication being not less than 10 days prior to the day and hour set for the hearing, and notice shall also be posted in any commercial centers located within the proposed community territory. (Ord. 1367 § 1, 1971; prior code § 2.1002(1)).