Hayden bucks make debut at local banks
Steamboat Springs — There’s a new buck in Hayden.
Hayden Bucks are making their debut at local banks, and Hayden officials hope they soon will find their way into the cash registers of local businesses.
The town of Hayden’s Econ-omic Development Commission developed the Hayden Bucks program with the goal of increasing spending at Hayden businesses, HEDC chairman Jack Giessinger said. South Routt County has a similar program called South Routt Bucks.
Hayden bucks are available at First National Bank of the Rockies and Mountain Valley Bank in denominations of $1, $5 and $10. Residents can get their cash at the bank in Hayden bucks, which can then be spent at any Hayden business.
When people spend the bucks at town businesses, change also will be given in Hayden bucks. Coin change, however, will be given in standard U.S. currency. Businesses will take the bucks to the bank to be deposited, and the bucks will be treated like cash.
Town officials are counting on a few things to make the Hayden Bucks program successful and increase spending at local businesses.
The town has budgeted about $1,500 to provide a cash incentive. Until that money runs out, people will receive an additional 10 percent in Hayden bucks when they purchase Hayden bucks. For example, a person who gives $100 for Hayden bucks will receive $110 in Hayden bucks.
The town is offering a 10 percent incentive using taxpayer money, but 4 percent of Hayden bucks sales will come back to the town in the form of sales tax.
Town officials also hope Hayden businesses will offer their own incentives, such as discounts, to people who make their purchases with Hayden bucks.
“It only works if people participate and businesses offer their own incentives,” Hayden Town Manager Russ Martin said.
Support Local Journalism
Support Local Journalism
Readers around Steamboat and Routt County make the Steamboat Pilot & Today’s work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Each donation will be used exclusively for the development and creation of increased news coverage.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User
We’re currently feeling the effects of climate change here in the Yampa Valley, with severe drought conditions, the closure of the Yampa River, wildfires in our recreation areas and burn scar mudslides that shut down…