FARMINGTON — Selectmen accepted a petition bearing 544 signatures to place the Front Street parking lot lease issue on the town meeting warrant and promised to give it “a thoughtful review.”

“We’re cautious to do the right thing,” Chairman Stephan Bunker said during the Tuesday meeting, suggesting that the board seek advice on further negotiations from the town’s lawyer.

Representing several downtown business owners, Paul Mills presented the petition on the Front Street lot, the only overnight public parking available downtown, he said. The lot is popular with people and university students who rent apartments above downtown businesses.

The number of signatures includes 381 certified Farmington voters. The other names are those of business owners in downtown Farmington and shoppers who live in neighboring towns.

At least 10 percent of the number of voters from the last election — 323 signatures — are needed to place the article on the warrant, Town Manager Richard Davis said.

The petition seeks voter action at the March town meeting on an article that states, in part, “To direct the Selectmen to enter into an agreement to the Front Street Parking Lease so as to provide an increase in annual payments to the owner of the premises and to negotiate such other changes as they deem fit and proper in the 99-year lease.”

The lease for $1 a year, signed in 1993, made the parking space owned by Farmington Construction available to the public, with the town agreeing to provide maintenance and to not charge taxes on the lot. The University of Maine at Farmington is also a party in the lease agreement.

Last year, owner Greg Roux of Farmington Construction wanted to terminate the lease. He questioned the validity of the lease because it had never been ratified by town voters. During a special town meeting last spring, voters chose to not ratify the lease.

After months of consideration of the best option for the town, the board voted in December to place an article on the warrant seeking approval to withdraw from the lease.

“It was assumed that both of the other parties would accept the town’s withdrawal,” Mills wrote in the second warrant article attached to the petition. “It is now evident that there is a substantial possibility that at least one of the two parties will not accept the withdrawal.”

If either party does not accept it, the town won’t be able to withdraw. UMF has indicated its intention to continue with the lease.

Mills told the board he was convinced after speaking with Roux and Roux’s lawyer that issues pertaining to the lease could be negotiated, preserving the town’s interest in public parking.

“We’re not closing the door,” Bunker said.

There is a possibility that the town may end up in court to determine the validity of the lease, Davis said.

Some Front Street business owners who participated in the petition effort also voiced concerns to the board about the need for downtown parking.

[email protected]