IOWA CITY, Iowa (AP) – The University of Iowa will seek approval from the Board of Regents for an institute dedicated to driverless cars and other automated vehicles. The institute would be based on a partnership with a private company, the Iowa City Press-Citizen reported. The university’s proposal cites its own National Advanced Driving Simulator, along with the state’s open spaces, as ideal for testing and commercializing the driverless technology.

“It’s bold but well thought out, and it’s perfectly timed for where the university is at and where the industry is at,” said Mark Nolte, president of the Iowa City Area Development Group. “So I hope the regents are supportive.” The Board of Regents is set to consider the proposal Wednesday.

Supporters of the Autonomous, Intelligent Machines and Systems Institute, a proposed nonprofit funded primarily through federal grants, are asking the board’s approval for $3 million over a three-year period. The institute would have a governing body comprised of industry and university officials.

David Conrad is the university’s assistant vice president for economic development. He said initial funding would be used for personnel, equipment and infrastructure costs for the institute. Conrad said it would be ideally located at the university’s Research Park. Last week, Carnegie Mellon University engineers successfully transported a Pennsylvania congressman in a driverless 2011 Cadillac SRX more than 30 miles to an airport.  “So there’s a lot of work that has yet to be done, but the technology is there and it’s getting better every day,” Nolte said.