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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