HomeMy WebLinkAbout6.A. 2015 Currency Exchange License for Madison Financial Companies dba Money XChange Res. No. 7488 Public Hearings 6. A.
SHAKOPEE
TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Lori Hensen, Deputy City Clerk
DATE: 11/18/2014
SUBJECT: 2015 Currency Exchange License for Madison Financial Companies dba
MoneyXchange, Res. No. 7488 (F)
Action Sought
Adopt Resolution No. 7488, approving the application of Madison Financial Companies for a
currency exchange license.
Background
The City Council is asked to consider the application for renewal of a currency exchange license.
The license will allow the applicant 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 has made application
for renewal of the currency exchange license.
The license is 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 applicant has 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 Madison Financial
Companies dba MoneyXchange.
Recommendation
Offer Resolution No. 7488, A Resolution Approving the application of Madison Financial
Companies dba MoneyXchange for a Currency Exchange License and move its adoption.
Attachments: Res. No. 7488
RESOLUTION NO. 7488
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA
APPROVING THE APPLICATIONS OF MADISON FINANCIAL COMPANIES
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,the City has given published notice of its intention to consider this issue, has solicited
testimony from interested persons, and finds that the application 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
Adopted in Adj. Regular Session of the City Council of the City of Shakopee, Minnesota, held this
18th day of November,2014.
Mayor of the City of Shakopee
ATTEST:
City Clerk