(a) In the event that the establishment of an inner-city redevelopment district shall have been initiated by resolution of the governing body, the establishment ordinance shall not be adopted if owners representing more than one half (½) of the assessed value of all property to be included in the district file written protests with the governing body prior to the public hearing.
(b) The filing of protests by owners representing more than one half (½) of the assessed value of the property to be included in the district shall not bar the governing body from amending the district boundaries in such manner as to reduce the number of objectors to one half (½) or less of the assessed value of the district; provided, however, that a new public hearing shall be held on the amended district pursuant to the same provisions and procedures established in this part for the initial public hearing.
(c) The governing body shall be permitted to amend the district boundaries only once in order to permit the adoption of such ordinance, and no initiating petition shall be accepted nor initiating resolution adopted by the governing body with respect to the same properties included in the original or amended proposed inner-city redevelopment district for a period of twelve (12) months following the failure of passage of such ordinance.
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