A. Upon passage of the resolution, the town clerk must post notice of the petition in three public places in town and a notice in a conspicuous place on the proposed street or alley to be vacated. The notice must contain:
1. A statement that a petition has been filed to vacate the street or alley described in the notice; and
2. A statement of the time and place for the hearing of the petition.
B. If the proceeding is initiated by resolution of the town council and not by property owners, the notice described in subsection A of this section must be mailed to the owners of property abutting upon any part of a street or alley sought to be vacated, as shown on the rolls of the county treasurer, at least 15 days before the date fixed for the hearing; provided, that if 50 percent of the abutting property owners file written objection to the proposed vacation with the town clerk, before the hearing, the town will not proceed with the resolution.