HomeMy WebLinkAbout7.B. Renewal of 2012 Currency Exchange Licenses-Res. No. 7136 CITY OF SHAKOPEE �
Memorandum � �
T0: Mayor and City Council
Mark McNeill, City Administrator
FROM: Judith S. Cox, City Clerk
SUBJECT: 2012 Currency Exchange Licenses
DATE: November 9, 2011
INTRODUCTION AND BACKGROUND
The City Council is asked to consider applications for renewal of three 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�` Avenue; 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.
Cash Systems, Inc. dba Canterbury Park, 1100 Canterbury Road, is not renewing their license.
VISIONING RELATIONSHIP
Goal F: Housekeeping I
RECOMMENDED ACTION
Offer Resolution No. 7136, A Resolution Approving the Applications of Madison Financial
Companies dba MoneyXchange, DRM LLC of Shakopee dba Excel Pawn, and Los Gallos 13 Inc. dba
Los Gallos for a Currency Exchange License and move its adoption. ,
i:lice n ses/c u rrency. res
i _ _ _ _ _ __
RESOLUTION N0. 7136
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA,
APPROVING THE APPLICATIONS OF MApISON FINANCIAL COMPANIES,
DRM LLC OF SHAKOPEE, 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 Shal<opee dba Excel Pawn has applied for a currency exchange
license for a location at 450 West 1�` Avenue; 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
I 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: I
, Madison Financial Companies dba MoneyXchange, 1147 Canterbury Road
DRM LLC of Shal<opee dba Excel Pawn, 450 West 1 Avenue
Los Gallos 13 Inc. dba Los Gallos, 582 South Marschall Road
Adopted in Adj. Regular Session of the City Council of the City of Shakopee, Minnesota, I
held this 15th day of November, 2011.
Mayor of the City of Shakopee
ATTEST: �
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Deputy City Clerk
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