The plan is really a bond proposal of two billion dollars. The money would be invested in areas like research, talent attraction and business diversification to bring in new employers to the state.
An independent group, headed by the American Association for the Advancement of Science would screen applicants... then send on their recommendations to a steering committee to decide who would be given grant money.
Other money would go towards the auto industry, homeland security, life sciences and alternative energies.
The plan would not raise taxes... but would diverge about 12 million dollars from the gereral fund to get it going.
Republicans are not sold on the plan yet... they don't agree with the governor's math yet, saying the general fund would take a bigger hit than what's proposed.
They also say it's a gamble to invest money in this way... because there's no guarntee the companies the state would invest in would turn a profit.
The bill is asking the public to approve and amendment to the state constitution, because the state currently does not have the investment powers needed to move the plan forward.
The bill still has to pass both the state house and senate before it can go to the governor's desk. Governor Granholm says the bill has to be ready for her to sign by September 6th in order to make the November ballot.