City Of Las Vegas: The Boring Company's Vegas Loop Expands To DTLV

Las Vegas NV

18 June, 2022

2:32 PM

Description

Press release from the City of Las Vegas: June 15, 2022 The Boring Company's application to expand the Vegas Loop into downtown Las Vegas has been approved by the Las Vegas City Council. The project is being privately funded and there will be no fee reductions. View the entire presentation. Construction is tentatively scheduled to begin in early 2023. What is the Vegas Loop? It's an express transportation service underground via Tesla vehicles, which are battery-powered and have zero emissions. Vegas Loop Safety Features Vehicle Loop vehicles (Tesla Models X and Y) are NHTSA 5-star rated System Real-time gas and smoke detection; ventilation system designed to NFPA standardsDirect communications within tunnel to Control Center via tunnel intercoms, cell service and WiFiEmergency communications and regularly-scheduled practice drills with police and fire departments We have also added a requirement that if any unique equipment is needed by Las Vegas Fire & Rescue to access these tunnels, that will be covered by Boring Company and not taxpayers Drive Surface Wide walkway for emergency egress; no third rail or touch-hazards Security Received the Department of Homeland Security TSA Gold Standard Award for achieving top scores in review of LVCC Loop's system security plans Vegas Loop Overview: 50 year non-exclusive agreement; about 95 percent identical to Clark County's agreement approved on 10/20/21Allows The Boring Company to use our right-of- way to construct, operate, and maintain a privately funded underground transportation systemNo taxpayer funds requested or contributed: all funding is from The Boring Company and private propertiesVegas Loop is envisioned to be a 34+ mile tunnel network with 55+ stations including Harry Reid Airport and Allegiant Stadium 5+ miles of tunnels and 5+ stations in the cityThe Boring Company pays all standard plan check, permit. and inspection fees. We estimate this to be one to two million dollars in fees. Benefits to downtown Las Vegas Every vehicle that Vegas Loop removes from city surface streets "frees up" traffic capacity that can be used to continue supporting downtown (re)development. This will help the city and other developers avoid costly roadway wideningConnectivity to/from key destinations throughout the resort corridor is greatly enhancedAn additional form of transportation to/from downtown is created with no public funding Expanded initial stations in downtown Las Vegas Currently planned expansion map Revenue Funding Model City agreement provides a mechanism to generate additional funding that could be used to fund civic stations in support of our downtown districts and any other tunnel extensions/civic stations the city desires; E.g., a civic station could be constructed to serve the Arts District at Boulder PlazaThe Three Tier Civic Station Revenue Funding Model has the potential to generate an additional $1.35M per year over the county's Two Tier Revenue Funding Model for the same revenue. Therefore, The Boring Company could contribute an extra $13.5M every 10 years using the city model rather than the county one. The Agreement allows the city or TBC the opportunity to convert the Three Tier Civic Station Revenue Funding Model to the Two Tier Revenue Funding Model after the 10th anniversary of the agreement's effective date for any reason. This press release was produced by the City of Las Vegas. The views expressed here are the author's own.