HomeMy WebLinkAbout9.C. 2006 Currency Exchange Licenses-Res. No. 6324
CITY OF SHAKOPEE C).C,
Memorandum
TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Judith S. Cox, City Clerk
SUBJECT: 2006 Currency Exchange Licenses
DATE: November 9, 2005
INTRODUCTION AND BACKGROUND
The City Council is asked to consider applications for renewal of currency exchange licenses.
Madison Financial Companies dba MoneyXchange, 1147 Canterbury Road; DRM LLC of
Shakopee, dba Excel Pawn, 450 West 1 st A venue; and GameCash, Inc., 1100 Canterbury Road
have made application for renewal of their currency exchange licenses.
You may remember that the City has previously approved licenses for these applicants. The
licenses are ultimately issued by the State of Minnesota. Current law requires that the local
municipality approve or deny the issuance of a license, after published notice and a public hearing.
The applicants have provided the State with the required $10,000 Currency Exchange Surety Bond.
The Police Department has advised me thatthey are unaware of any reason for the City of
Shakopee to object to the granting of a currency exchange license to these applicants.
RECOMMENDED ACTION
Offer Resolution No. 6324, A Resolution Approving the Applications of Madison Financial
Companies dba MoneyXchange, DRM LLC of Shakopee dba Excel Pawn, and GameCash, Inc.
and move its adoption.
i:licenses/currency.res
RESOLUTION NO. 6324
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA,
APPROVING THE APPLICATIONS OF MADISON FINANCIAL COMPANIES,
DRM LLC OF SHAKOPEE, AND GAME CASH, INC. FOR A .
CURRENCY EXCHANGE LICENSE
WHEREAS, in 1992 Minnesota Statute Section 53A.04 was amended to require a City to
approve or disapprove a proposed currency exchange license; and
WHEREAS, Madison Financial Companies dba MoneyXchange has applied for a currency
exchange license for a location at 1147 Canterbury Road; and
WHEREAS, DRM LLC of Shakopee dba Excel Pawn has applied for a currency exchange
license for a location at 450 West 15t A venue; and
WHEREAS, GameCash, Inc. has applied for a currency exchange license for a location at
1100 Canterbury Road; and
WHEREAS, the City has given published notice of its intention to consider this issue, has
soIlcited testimony from interested persons, and finds that the applications should be approved.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SHAKOPEE, MINNESOTA, that it approves the granting of a currency exchange license to:
Madison Financial Companies dba MoneyXchange, 1147 Canterbury Road
DRM LLC of Shakopee dba Excel Pawn, 450 West 1st Avenue
GameCash, Inc., 1100 Canterbury Road
Adopted in Adj. Regular Session of the City Council of the City of Shakopee, Minnesota,
held this 15th day of November, 2005.
Mayor of the City of Shakopee
ATTEST:
City Clerk