Community organizers such as Sura Faraj have proposed the creation of unique form of currency that can be used in the city's River West and East Side neighborhoods at local businesses, the Chicago Tribune said Wednesday.

Faraj said the purpose of the locally printed funds would be to encourage spending at local businesses instead of retail chain stores.

"You have all these people who have local currency and they're going to spend it at local stores," Faraj said. "They can't spend it at the Wal-Mart or the Home Depot but they can spend it at their local hardware store or their local grocery store."

To help draw in consumers, plan organizers have proposed accepting $100 in U.S. currency for $110 in the specialized funds.

The Tribune said the currency proposals would be legal to implement as long as the paper currency doesn't resemble federal bills and if organizers don't create their own coinage system.