(1) The community board shall:

(a) Identify the building or part of the building under consideration for designation as a business incubation center;

(b) Advertise the concept of a business incubation center in the surrounding area;

(c) Solicit the views of the community concerning the designation of the building or part of the building under consideration as a business incubation center;

(d) Identify possible tenants; and

(e) Obtain commitments from persons, organizations, businesses, or other sources amounting to at least fifty percent of those costs not covered by rental fees that the board estimates will be needed for the establishment and operation of the business incubation center for three years.

(2) If after performing the duties required by subsection (1) of this section the community board determines that a designation of the building under consideration as a business incubation center is desirable and possible, the community board shall petition the public agency which has ownership or control of such building for the designation.