LAS VEGAS (KLAS) — Clark County Commissioners will consider approving a franchise agreement with The Boring Company next week to build an underground transportation network that extends through the Las Vegas resort corridor.
The Vegas Loop would run from downtown along Las Vegas Boulevard to Allegiant Stadium and UNLV with plans to eventually go to McCarran International Airport.
The commission will hold a public hearing at its Oct. 19, Tuesday meeting.
Elon Musk’s Boring Company has submitted a 61-page franchise agreement that details the construction, operation, and maintenance of the underground transportation system. It also establishes fees and how the county would be paid.
According to the franchise agreement, the franchise fee to the county would be paid on a quarterly basis and will be paid based on the following formula for rides that originate in the county.
- On quarterly gross revenue less than or equal to $17.5 million — the county will receive 0.5%
- On quarterly gross revenue more than $17.5 million — the county will receive 0.5 on the first $17.5M and 5% on quarterly gross revenue in excess of $17.5M.
Boring’s first commercial project, the Las Vegas Convention Center Loop, opened in June and its Teslas began moving conventioneers through underground tunnels to different convention halls. The system was able to transport more than 4,000 people an hour.