§ 504. Site designation. An area shall be designated by the governing
body, or by the commission where so authorized to act by the governing
body, on its own initiative or on petition of the owners in fee of not
less than fifty-one per cent of the land (excluding publicly owned land)
or upon recommendation of the agency, upon a finding that such area is
appropriate for urban renewal as defined in subdivision three of section
five hundred two of this article. Such designation may be accompanied
by a recommendation of the commission as to the predominant reuse and
such other planning criteria as it may deem appropriate for the general
renewal of the area.