Las Vegas, Nevada 2021-10-13 15:40:30 –
Las Vegas (KLAS) — The Clark County Commission will consider approving a franchise agreement with a boring company next week to build an underground transportation network through the resort corridor in Las Vegas.
Vegas Loop will run from downtown along Las Vegas Boulevard to Allegiant Stadium and UNLV, eventually to McCarran International Airport.
The Committee will hold a hearing at a meeting on Tuesday, October 19th.
Elon Musk’s Boring Company has submitted a 61-page franchise agreement detailing the construction, operation and maintenance of underground transportation systems. It also defines fees and payment methods to the county.
According to the franchise agreement, the franchise fee to the county is paid quarterly and the vehicles generated in the county are paid according to the following formula:
- If the total quarterly income is less than $ 17.5 million, the county will receive 0.5%.
- If total quarterly revenue exceeds $ 17.5 million, the county receives 0.5 for the first $ 17.5 million and 5% for quarterly gross revenue above $ 17.5 million.
Boring’s first commercial project, the Las Vegas Convention Center Loop, opened in June, and Tesla began moving convention participants through underground tunnels to various convention halls. The system was able to transport more than 4,000 people an hour.