HomeMy WebLinkAbout9.C. Currency Exchange License Renewals-Res. No. 6150
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CITY OF SHAKOPEE fhc,
Memorandum
TO: Mayor and City Council
Mark McNeill, City Administrator
FROM: Judith S. Cox, City Clerk
SUBJECT: 2005 Currency Exchange Licenses
. DATE: November 9, 2004
INTRODUCTION AND BACKGROUND
The City Council is asked to consider applications for renewal of currency exchange licenses.
Madison Financial Companies dba MoneyXchange, 1147 Canterbury Road; DRM LLC of
Shakopee, dba Excel Pawn, 450 West 1st A venue; and GameCash, Inc., 1100 Canterbury Road
have made application for renewal of the!r 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 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.
Checks Cashed of America, LLC dba MoneyXchange at 1108 Vierling Drive East has informed us
that they are not renewing their license.
GameCash, Inc., 1100 Canterbury Road, has applied to the State for renewal of their license but
their application in not in order at this time, therefore, the application should be tabled after the
public hearing is closed.
RECOMMENDED ACTION
1. Offer Resolution No. 6150, A Resolution Approving the Applications of Madison
Financial Companies dba MoneyXchange and DRM LLC of Shakopee dba Excel Pawn,
and move its adoption.
2. Table the application of GameCash, Inc. to December 7, 2004.
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i:licenses/currency.res
RESOLUTION NO. 6150
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 Money Xchange has applied for a cunency
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 A venue; 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 Shalcopee, Minnesota,
held this 16th day of November, 2004.
Mayor of the City of Shakopee
ATTEST:
City Clerk