The Common Council may consider a petition to designate a secondary honorary name for an existing street or portion of existing street in the City upon receipt of a petition meeting the following basic criteria:
A.
At least 65% of the number of owners of real property (as shown on the City Assessor's records) adjoining the street or portion of street proposed for such honorary naming shall have signed such petition;
B.
The person whose name is proposed for such honorary naming shall have resided in the City of Peekskill at least five continuous or noncontinuous years during his/her lifetime, or have a unique connection to the history or civic life of the community at large.