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Thursday, 21 October 2021 19:23

The Boring Company Vegas Loop Gets Approval from County

Written by Maria Merano, Teslarati

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The Clark County, NV, Commissioners Board recently approved The Boring Company’s (TBC) Vegas Loop franchise agreement, marking another milestone in the project.

The board granted TBC a franchise agreement Oct. 20. As per the agreement, the tunneling company has permission to install and operate a Monorail part of the Vegas Loop.

 

Clark County revealed TBC will not use any funds from taxpayers to build its Vegas Loop. It also emphasized TBC plans to source local contractors and local workers for the project.

 

The Vegas Loop will span 29 miles with 51 stations and the capacity to accommodate up to 57,000 passengers per hour.

 

TBC has not shared fares for the Vegas Loop yet. However, the franchise agreement does show a breakdown of the payments and fees TBC may make or incur.

 

“Gross Revenue, as defined in Section 6.14.020 of the Clark County Code, includes all revenue received by FRANCHISEE related to Vegas Loop Monorail service (such as fares, advertising and concessions), minus federal, state and local taxes collected by FRANCHISEE, and refunds,” said the agreement.

 

“Revenue received from interest/investment earnings or from third parties to reimburse or offset costs incurred by FRANCHISEE for design, engineering or construction work, Vegas Loop operations and maintenance work or comparable non-service-related fees shall not count towards Gross Revenue.”

 

TBC will pay the first franchise fee on the day of the first paid fare. The fee is calculated...


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