Put it simply: If the measure is approved by the voters, Denver's mayor will have to select seven volunteers for a commission that will meet twice a year and gather the most compelling evidence regarding the existence of extraterrestrials and UFOs and put it on the city's website.
In addition, Jeff Peckman, the man behind the proposal, says the commission will be a place where citizens can report sightings and assess the risks and benefits of dealing with the E.T.s.
"We don't know what could happen," Peckman told AOL News. "There could be some good things that come from E.T. contact and some negatives. We need to figure out if there are possible business opportunities or medical treatments that could come from them."
Peckman -- who describes himself as an entrepreneur and consultant who promotes alternative and clean energy and holistic health -- said his initiative is written so the commission will not cost taxpayers a red cent. Instead, any funding will be supplied by grants, gifts or donations.
As you might expect, the proposal is getting a lot of interest from all over the country. One person who is excited about it is Stephen Bassett of the Paradigm Research Group, a registered lobbyist who wants Washington politicians to fully disclose as much as possible about UFOs and E.T. visits.
To that end, he has been trying to nudge Beltway journalists into asking the hard questions that he says will force elected officials to reveal everything they know.
"On one level, it's going to be fun on Election Night," Bassett said. "It's an off-year election, so the networks will be checking back to see how it's faring. On a more serious level, if it does pass, it's one more sign that the days are numbered for the 'truth embargo.'"
Peckman is quick to add that even if the initiative is approved by voters, it only has so much power.
"A city ordinance cannot force the federal government to release evidence," he said. "Also, the City Council can repeal the commission after six months without putting it to a vote."
Still, Peckman thinks Denver is a city uniquely qualified to become an E.T. center.
"Denver was the first U.S. city to set up a trade office with China," he said. "So there is some vision and independent thinking here as well as a highly educated workforce. This could be good for the city. We're already hearing from people in Australia, Europe and Wisconsin who want to create similar initiatives."
But not everyone thinks the E.T. initiative is a good idea.
Bryan Bonner is head of an organization called the Mission for Inhibiting Bureaucracy (MIB) which objects to Peckman's proposal on many levels.
Bonner, who is part of the Rocky Mountain Paranormal Research Society, said that despite the claims of many people, there still is no concrete evidence that aliens even exist and much of Peckman's ideas of "evidence" just aren't credible.
"Everything that [Peckman] is basing his reasoning on has been disproven, and he tends to argue from authority, saying that the sighting came from a general or a policeman so you should believe it," Bonner said. "Everything they've said has no proof, so even if this initiative doesn't pass, it still puts a black mark on the city."
Bonner is OK with the idea of a philosophical discussion about what plans should be in place should E.T. ever decide to attend a Colorado Rockies game, "but don't bring it into city government."
"There's a certain religious element -- or should I say a belief system among the people who support this that shouldn't be taking place in government."
Bonner admits there is a satirical element to his organization's campaign, right down to picking a group name that has the same initials as the term "men in black."
"The people behind this initiative see everything as a big conspiracy that they need to expose," he explained. "Still, they believe the government is out to get them, but still want to work with the government to expose E.T.s?"
"According to the ballot language, the city agencies are required to meet with the commission for training on what to do in case of an E.T. visit," he said. "But it doesn't say who will pay for, say, the fire department's time, or how much the city PR people are going to spend dealing with questions about the commission."
But his biggest objection may be to the criteria for selecting who gets on the commission.
"Apparently, the commission will have to include an expert on E.T. and E.T. craft," Bonner said. "Who here can say that? I could talk about the propulsion system on the USS Enterprise, but that doesn't mean it's real."
"Peckman dismissed that poll, saying the councilwoman in that district was a Republican," Bonner said.
Meanwhile, Peckman remains positive that there are enough Denver voters who are willing to consider the possibility that aliens have visited Earth, to help his measure pass. He jokes that there's a good reason why.
"We're closer to outer space than most other cities," he said.