By MyFM's Rick Michaels - The Milford Board of Selectmen will meet tonight. The timing comes after the Milford Water Company made it official that it's seeking an almost 30 percent hike over existing water rates. On Thursday, the Milford Water Company made the request to the Department of Public Utilities, requesting an almost one-point-nine-million dollar increase in annual revenue claiming its current rates are not sufficient to provide the company with a reasonable opportunity to recover costs. Milford Selectmen had already voted to intervene in any new rate hike request. More discussion may come tonight on this and at the same time, the board has continued to negotiate in executive session the possible purchase of the Milford Water Company. A price initially agreed upon is 63-million dollars.