HomeMy WebLinkAbout6. 2013 Currency Exchange Licenses CITY OF SHAKOPEE 6
Memorandum
TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Jeanette Shaner, Deputy City Clerk
MEETING DATE: November 20, 2012
SUBJECT: 2013 Currency Exchange Licenses
ACTION SOUGHT
Adopt Resolution No. 7250, approving the applications of Madison Financial Companies and DRM LLC of
Shakopee for a currency exchange license.
INTRODUCTION AND BACKGROUND
The City Council is asked to consider applications for renewal of two 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 and DRM LLC of Shakopee, dba
Excel Pawn, 450 West 1 Avenue 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.
Los Gallos 13 Inc. dba Los Gallos, 582 South Marschall Road, is not renewing their license.
VISIONING RELATIONSHIP
Goal F: Housekeeping
RECOMMENDED ACTION
Offer Resolution No. 7250, A Resolution Approving the Applications of Madison Financial Companies dba
MoneyXchange and DRM LLC of Shakopee dba Excel Pawn for a Currency Exchange License and move its
adoption.
i:licenses /currency.res
RESOLUTION NO. 7250
A RESOLUTION OF THE CITY OF SHAKOPEE, MINNESOTA,
APPROVING THE APPLICATIONS OF MADISON FINANCIAL COMPANIES
AND DRM LLC OF SHAKOPEE 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 Avenue; 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
Adopted in Adj. Regular Session of the City Council of the City of Shakopee, Minnesota,
held this 20th day of November, 2012.
Mayor of the City of Shakopee
ATTEST:
City Clerk