One Albert Lea business is looking to expand and is seeking assistance from the city’s Economic Development Revolving Fund for $100,000 in financing.

According to background information provided by city staff, SAR Manufacturing Inc. — a metal fabrication business — is being sold to new owners, who hope to grow the company.

The company, which began operations in 1990 in an airport hangar, can be found at 401 Airport Road. The facility was last doubled in size in 1998.

City information states the owners have reportedly received commitments for $2.7 million from an unidentified source and are seeking gap financing for $400,000.

Of that money, $150,000 in gap financing will come from the Southern Minnesota Initiative Foundation, $100,000 from Freeborn-Mower Cooperative Services and $50,000 from Greater Jobs Inc. The $100,000 loan from the city’s revolving fund would close the gap, according to city staff.

The Albert Lea City Council will vote on the issue during its meeting tonight.

If approved, the loan would be for seven years at 4 percent interest.

In other action, the council is slated to:

• Vote whether to approve the water rates for 2012 for the city’s top two heaviest water users.

At its last meeting, the City Council tabled a vote of the rates for the top users to give time to garner more feedback and to seek other options.

The original plan would have proposed a 30 percent increase in the water rate structure for large users, which means the five largest users would have seen increases in water rates of ranging from 7 to 24 percent.

• Vote whether to approve the labor agreements for 2012 with the Minnesota Teamsters Public & Law Enforcement Employees Union, Local 320 unit, representing the city’s dispatchers, and the International Association of Firefighters, Local 1041 unit, representing a majority of the Albert Lea firefighters.

The city has agreed to one-year contracts with both unions that include a 1 percent cost of living wage increase. Under the proposed contract, health employee contribution will remain the same for 2012, with the city picking up 100 percent of the premium increases.

• Select the firm that will review the city’s Fire Department.

Nine firms submitted proposals to complete the review.

City staff — two fire captains, two fire lieutenants, the interim fire chief and the city manager — interviewed the top two firms last week.

The firm chosen will look at if there should be any changes in staffing for the department, what should be done with the existing fire station, among other concerns.

• Present lifesaving awards to three officers and merit awards to two officers.

One of the officers has had three previous lifesaving awards.

• Vote whether to amend the city’s special assessment policy and approve a new special events ordinance.

• Designate the depositories for city funds.

• Vote whether to accept a donation from the Friends of the Albert Lea Public Library for the purchase of a system that is used to repair and extend the life of the library’s DVDs, CDs and other discs.