HomeMy WebLinkAbout7. Currency Exchange License-Cash Systems, Inc.-Res. No. 6602
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CITY OF SHAKOPEE
Memorandum
TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Judith S. Cox, City Clerk Y
SUBJECT: Currency Exchange License - Cash Systems, Inc.
DATE: April 26, 2007
INTRODUCTION
The City Council is asked to consider a request from Cash Systems, Inc. for a currency
exchange license, at 1100 Canterbury Road. The license will allow the applicant to engage
in the business of cashing checks, drafts, money orders, or travelers' checks for a fee, at
Canterbury Park.
BACKGROUND
On April 19 , 2007, the current licensee at Canterbury Park notified the City that they have
ceased providing services at Canterbury Park, 1100 Canterbury Road, effective April 18,
2007.
On April 19, 2007, Cash Systems, Inc., 9350 Dean Martin Drive, Suite 309, Las Vegas, NY,
asked that the City approve the granting of a currency exchange license by the Minnesota
Department of Commerce for the Canterbury Park location. Cash Systems, Inc. has made
application for a currency exchange license with the Minnesota Department Commerce.
The license is ultimately issued by the State of Minnesota. Although the State has not yet
forwarded the application to the City for consideration, Cash Systems, Inc. asked that the
City consider their request at this time.
Current law requires that the local municipality approve or deny the issuance of a license,
after published notice and a public hearing.
The Police Department has advised that they are unaware of any reason for the City to
object to the granting of a currency exchange license to the applicant.
AL TERNA TIVES:
A. Approve the issuance of a currency exchange license by the State of Minnesota
B. Continue the public hearing to May 15, 2007, to allow time for the City to
receive a copy of the application.
Currency Exchange License - Cash Systems, Inc.
April 26, 2007
Page 2
VISIONING RELATIONSHIP
Goal A: Active and Healthy Community .
Strategies: 4. Improve individual financial health
RECOMMENDATION:
Staff is unaware of any reason for the City to object to the State granting a currency
exchange license to the applicant and therefore recommends alternative 1. (Resolution No.
6602 will not be delivered to the applicant until after the City receives a copy of their
application from the Minnesota Department of Commerce.)
RECOMMENDED ACTION:
Offer Resolution No. 6602, A Resolution Approving the Application of Cash Systems, Inc.
for a Currency Exchange License, and move its adoption.
i:licenses/CurrencyCashSystems
RESOLUTION NO. 6602
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA,
APPROVING THE APPLICATION OF CASH SYSTEMS, 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, Cash Systems, 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 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 Cash Systems, Inc., 1100 Canterbury Road.
Adopted in Regular Session of the City Council of the City of Shakopee, Minnesota,
held this 1st day of May, 2007.
Mayor of the City of Shakopee
ATTEST:
City Clerk