City Council is asked to conduct a public hearing on the application for renewal of a currency exchange license for Excel Pawn Inc. The license allows them to engage in the business of cashing checks, drafts, money orders, or traveler's checks for a fee.

The license is 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 applicant has provided the State with the required $10,000 currency exchange surety bonds.

The Chief of Police has advised that he is unaware of any reason for the city to object to the granting of a currency exchange license to Excel Pawn Inc. dba Excel Pawn & Jewelry located at 450 West First Avenue.