HomeMy WebLinkAbout7.C. Applications for 2009 Currency Exchange Licenses-Res. No. 6843
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CITY OF SHAKOPEE
Memorandum
TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Judith S. Cox, City Clerk
SUBJECT: 2009 Currency Exchange Licenses
DATE: November 14, 2008
INTRODUCTION AND BACKGROUND
The City Council is asked to consider applications for renewal ofthree currency exchange licenses.
The licenses will allow the applicants to engage in the business of cashing checks, drafts, money
orders, or travelers' checks for a fee.
Madison Financial Companies dba MoneyXchange, 1147 Canterbury Road; DRM LLC of
Shakopee, dba Excel Pawn, 450 West 1 st A venue; and Cash Systems, Inc. dba Canterbury Park,
1100 Canterbury Road have made application for renewal of their currency exchange licenses.
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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 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.
Wal-Mart Stores, Inc. dba Wal-Mart Supercenter, 8101 Old Carriage Court, is not renewing their
license.
VISIONING RELATIONSHIP
Goal A: Active and Healthy community
Strategies: 2. Enhance physical, mental, spiritual health and 4. Improve individual financial health.
RECOMMENDED ACTION
Offer Resolution No. 6843, A Resolution Approving the Applications of Madison Financial
Companies dba MoneyXchange, DRM LLC of Shakopee dba Excel Pawn, and Cash Systems, Inc.
dba Canterbury Park and move its adoption.
i:licenses/currency.res
RESOLUTION NO. 6843
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA,
APPROVING THE APPLICATIONS OF MADISON FINANCIAL COMPANIES,
DRM LLC OF SHAKOPEE AND 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, 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 st A venue; and
WHEREAS, Cash Systems, Inc. dba Canterbury Park 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:
Madison Financial Companies dba MoneyXchange, 1147 Canterbury Road
DRM LLC of Shakopee dba Excel Pawn, 450 West 1 st Avenue
Cash Systems, Inc. dba Canterbury Park, 1100 Canterbury Road
Adopted in Adj. Regular Session of the City Council of the City of Shakopee, Minnesota,
held this lSth day of November, 200S.
.
Mayor ofthe City of Shakopee
ATTEST:
City Clerk