The Clark County Commissioners will discuss today the next step for The Boring Company (TBC) to build a vast network of tunnels underneath Las Vegas, Nevada.
Item 56 on the The Board of Commissioner’s meeting agenda for October 19 is to conduct a hearing on whether to authorize the chair to sign a franchise agreement with TBC.
According to a copy of the agreement included in the agenda, the approval would allow TBC to build and operate the tunnels, known as the Las Vegas Loop, though a number of county right-of-ways seen in the map below.
If approved, TBC would owe a franchise fee of 0.5% of their quarterly gross revenue, up to a maximum of $17.5 million, after which TBC would owe the county 5% of any revenue earned.
Since the proposed network spans across both Clark County and the City of Las Vegas, the amount is only applicable for rides that originate in Clark County.
The franchise agreement would be in effect from the date of signing for a 50-year period until October 20, 2071.
We will update this story once Clark County Commissioners take their vote.
UPDATE: The franchise agreement was approved in a unanimous vote.
Vegas Loop is expanding – 29 miles and 51 stations!
Thanks to the Clark County team for the great partnership and to the Commissioners for unanimous approval. https://t.co/KrfF5SUsxq
— The Boring Company (@boringcompany) October 20, 2021