Local legislators on both sides of the political spectrum said they were hopeful after Gov.. Tom Vilsack unveiled a plan to jump-start Iowa’s economy during his Condition of the State Address on Tuesday.

Vilsack announced the $500 million effort, called the Iowa Values Fund, also includes plans to reinstate work-study programs and to put forth more dollars toward higher education for Iowans.

“Administered and managed as a public-private partnership, the fund’s investments should promote regional economic development so no part of Iowa is left behind,” he said.

Included in Vilsack’s plan are what he called the “four cornerstones to future progress”: a transformed economy and improved education with higher education for more of Iowa’s students, better health care policies and a stronger environmental commitment. About one-third of the state’s work force has education beyond high school, he said.

“I support his goal of having 90 percent of our children in quality preschools and 90 percent of our students receiving at least two years of higher education,” said Rep. Jane Greimann, D-Ames.

Rep. Jim Kurtenbach, R-Ames, said he believes Vilsack’s goal is attainable. He said he supports Vilsack’s strong push for education spending.

“The focus is that Iowa is an education state and we understand that education is economic development,” Kurtenbach said.

Rep. Lisa Heddens, D-Ames, agrees.

“I am a supporter of his plan and I do think [the plan is] a possibility in Iowa,” she said.

Legislators outside of Ames also gave Vilsack’s speech positive reviews.

“I heard collaboration in this speech,” said Senate President Mary Kramer, R-West Des Moines. “My Republican colleagues will want to reach out.”

House Minority Leader Dick Myers, D-Iowa City, said Vilsack’s ideas call for a partnership among the different parties in the General Assembly.

Greimann said she strongly supports Vilsack’s plan and challenges all Iowans to support the plans.

“The challenge for the Legislature, and for all Iowans, is to work together with the governor,” she said. “We must take bold steps to transform our economy.”

Heddens said state leaders need to focus on supporting colleges, small businesses and young entrepreneurs in order to regenerate the economy of Iowa.

Heddens said Vilsack is trying to work together with Democrats and Republicans in the Legislature to improve the state’s economy.

During his speech on Monday, Vilsack said the task of balancing the budget is not impossible, though complicated. “The law requires a balanced budget and we will have a balanced budget,” he said.

Greimann said now is the time for legislators, and all Iowans, to take action toward Vilsack’s plan.

“The governor is correct in acknowledging that if we do not act now, we will always have budget problems, we will not be able to protect our most vulnerable citizens, and we will always face low wage jobs,” she said.

Kurtenbach said he supports Vilsack’s push for economic transformation. He said Vilsack’s plan focuses on tax and bureaucracy simplification for Iowa homes and businesses.

“I think any tax reform that simplifies that tax system in Iowa will spur economic development,” Kurtenbach said.

— The Associated Press contributed to this story.