'Downtown dollars' boost businesses in Benicia

'Downtown dollars' boost businesses in Benicia
By Tony Burchyns/Times-Herald staff writer
Posted: 07/26/2009

BENICIA -- Even as the economy dwindles, Benicia shoppers are increasingly buying downtown's own local currency.

About $14,000 of locally printed "Benicia Downtown Dollars" have been sold since Jan. 1, said Nancy Martinez, director of the nonprofit Main Street group that sells the notes.

"We've done a lot of promotion, but I also think it's the economy," Martinez said. "People want to support local business."

Martinez said sales of the local currency -- which is sold at the Main Street office on First Street -- are on pace to surpass last year's total of about $24,000.
Purchases of the local bills also grew in 2008, raising more than $8,100 over the previous year, Benicia Main Street reported.

The program was started about six years ago as a way to capture dollars for downtown merchants.

It works like this: Main Street prints the currency in denominations of $5 and $20. Shoppers buy it to use at any participating businesses. Merchants then redeem it at the Main Street office for 95 cents on the dollar.

Nearly 60 businesses accept the bills.

"It's very much worth it," Venticello's Ristorante co-owner Ramiro Cortez said. The First Street Italian restaurant has been taking Downtown Dollars for about four years.

"It's money that stays in Benicia," Cortez added. He said the cost of redeeming the bills is about the same as paying fees for running credit cards.

A number of people purchase the dollars to give away as gifts, Martinez said.

Some local Realtors and business owners also give them away to customers.

The owner of Christina S women's fashion store, Christina Strawbridge, attributed the increased use to more awareness of the local money.

"There's also been a lot more activity downtown," Strawbridge said.

Despite some vacancies along First Street, the commercial occupancy rate is greater than

90 percent -- a sign that Benicia could be weathering the recession relatively well, some say.

The Rellik Tavern -- a self-described upscale bar and coffee house that opened in June -- has joined the list of downtown businesses that welcome the local bills.