HomeMy WebLinkAbout6.C 2013 Currency Exchange Licenses - Res. No. 7380 wNtA Public Hearings 6. C
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TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Lori Hensen, Deputy City Clerk
DATE: 11/19/2013
SUBJECT: 2013 Currency Exchange Licenses- Res. No. 7380 (F)
Action Sought
Adopt Resolution No. 7380, approving the applications of Madison Financial Companies and
DRM LLC of Shakopee for a currency exchange license.
Background
The City Council is asked to consider applications for renewal of two currency exchange licenses.
The licenses will allow the applicants to engage in the business of cashing checks, drafts, money
orders, or traveler's checks for a fee.
Madison Financial Companies dba MoneyXchange, 1147 Canterbury Road and DRM LLC of
Shakopee, dba Excel Pawn, 450 West 1 st Avenue have made application for renewal of their
currency exchange licenses.
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 that they are unaware of any reason for the City of
Shakopee to object to the granting of a currency exchange license to these applicants.
Recommendation
Offer Resolution No. 7380, A Resolution Approving the Applications of Madison Financial
Companies dba MoneyXchange and DRM LLC of Shakopee dba Excel Pawn for a Currency
Exchange License and move its adoption.
Budget Impact
None
Relationship to Vision
Goal F: Housekeeping
Requested Action
Offer Resolution No. 7380, A Resolution Approving the Applications of Madison Financial
Companies dba MoneyXchange and DRM LLC of Shakopee dba Excel Pawn for a Currency
Exchange License and move its adoption.
Attachments: Res. No. 7380
RESOLUTION NO.7380
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA,
APPROVING THE APPLICATIONS OF MADISON FINANCIAL COMPANIES
AND DRM LLC OF SHAKOPEE 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 1"Avenue; and
WHEREAS,the City has given published notice of its intention to consider this issue, has solicited
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 1"Avenue
Adopted in Adj. Regular Session of the City Council of the City of Shakopee, Minnesota, held this
19t'day of November,2013.
Mayor of the City of Shakopee
ATTEST:
City Clerk