HomeMy WebLinkAbout9. 2004 Currency Exchange Licenses
CITY OF SHAKOPEE
Memorandum 9
TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Judith S. Cox, City Clerk
SUBJECT: 2004 Currency Exchange Licenses
DATE: November 10, 2003
INTRODUCTION AND BACKGROUND
The City Council is asked to consider applications for renewal of a currency exchange license for:
Checks Cashed of America, LLC dba Money Xchange, 1108 Vierling Drive East;
Madison Financial Companies dba Money Xchange, 1147 Canterbury Road;
DRM LLC of Shakopee, dba Excel Pawn, 450 West 151 Avenue;
GameCash Inc., 1100 Canterbury Road
You may remember that the City has previously approved licenses for these applicants. The
licenses are ultimately issued by the State of Mitmesota. 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 Deputy Chief of Police has advised me that he is 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. 5973, A Resolution Approving the Application of Checks Cashed of
America, LLC, Madison Financial Companies, DRM LLC of Shakopee, and GameCash Inc. for a
Currency Exchange License, and move its adoption.
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RESOLUTION NO. 5973
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA,
APPROVING THE APPLICATION OF CHECKS CASHED OF AMERICA, LLC,
MADISON FINANCIAL COMP ANlES, DRM LLC OF SHAKOPEE, AND
GAMECASH 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, Checks Cashed of America, LLC dba/Money Xchange has applied for a
currency exchange license for a location at 1108 Vierling Drive East; 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 sl 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
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:
Checks Cashed of America, LLC dba MoneyXchange, 1108 Vierling Drive East
Madison Financial Companies dba Money Xchange, 1147 Canterbury Road
DRM LLC of Shakopee dba Excel Pawn, 450 West 1 sl Avenue
GameCash Inc., 1100 Canterbury Road
Adopted in Adj. Regular Session of the City Council of the City of Shakopee, Minnesota,
held this 18th day of November, 2003.
Mayor of the City of Shakopee
ATTEST:
City Clerk