The owners of lots and land fronting on any public street or private easement in the City, or the duly authorized agents, may file with the City Clerk a written petition addressed to the City Council, requesting that the name of any street or private easement upon which the lots and lands of said petitioners front be changed. Every such petition must be signed by the owner or the duly authorized agent of such owner, and must give the legal or other sufficient description of the property for which he signs, and the number of feet frontage owned by him or for which he is a duly authorized agent, and the post office address of the signer thereof. Every such petition must state the reasons for any such proposed change of name and may suggest one (1) or more names satisfactory to said petitioners for any such public street or private easement. The City Clerk shall present such petition to the City Council at its next regular meeting.