HomeMy WebLinkAbout7.B. 2011 Currency Exchange Licenses-Res. No. 7060TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Judith S. Cox, City Clerk
SUBJECT: 2011 Currency Exchange Licenses
DATE: November 3, 2010
INTRODUCTION AND BACKGROUND
CITY OF SHAKOPEE
Memorandum
The City Council is asked to consider applications for renewal of four 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 lst Avenue; Cash Systems, Inc. dba Canterbury Park, 1100 Canterbury
Road; and Los Gallos 13 Inc. dba Los Gallos, 582 So. Marschall Road have made application for
renewal of their currency exchange licenses.
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.
VISIONING RELATIONSHIP
Goal F: Housekeeping
RECOMMENDED ACTION
73
Offer Resolution No. 7060, A Resolution Approving the Applications of Madison Financial
Companies dba MoneyXchange, DRM LLC of Shakopee dba Excel Pawn, Cash Systems, Inc. dba
Canterbury Park, and Los Gallos 13 Inc. dba Los Gallos for a Currency Exchange License and move
its adoption.
i:licenses /currency.res
RESOLUTION NO. 7060
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA,
APPROVING THE APPLICATIONS OF MADISON FINANCIAL COMPANIES,
DRM LLC OF SHAKOPEE, CASH SYSTEMS, INC. AND
LOS GALLOS 13 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 Avenue; and
WHEREAS, Cash Systems, Inc. dba Canterbury Park has applied for a currency exchange
license for a location at 1100 Canterbury Road; and
WHEREAS, Los Gallos 13 Inc. dba Los Gallos has applied for a currency exchange license
for a location at 582 South Marschall 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:
Adopted in Regular Session of the City Council of the City of Shakopee, Minnesota, held
this 9th day of November, 2010.
ATTEST:
Madison Financial Companies dba MoneyXchange, 1147 Canterbury Road
DRM LLC of Shakopee dba Excel Pawn, 450 West 1 Avenue
Cash Systems, Inc. dba Canterbury Park, 1100 Canterbury Road
Los Gallos 13 Inc. dba Los Gallos, 582 South Marschall Road
Deputy City Clerk
Mayor of the City of Shakopee