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Shakopee City Council
November 4, 2020
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| | | | | | | | | FROM: | Lori J. Hensen, City Clerk | | TO: | Mayor and Council Members |
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| | | | | | | | Subject:
Approval of a currency exchange license for Excel Pawn Inc. | | |
| | | | | | | | Policy/Action Requested:
Approve Resolution R2020-131 a resolution approving the application of Excel Pawn Inc. dba Excel Pawn & Jewelry, 450 West First Avenue, for currency exchange license. | | |
| | | | | | | | Recommendation:
Approve the above requested action. | | |
| | | | | | | | Discussion:
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. | | |
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