The Boring Company’s Interim Agreement with Fort Lauderdale gets approval

On Tuesday, June 07, the Fort Lauderdale City Commission agreed to enter into an Interim Agreement with The Boring Company (TBC) for its Las Olas Loop project.

The Interim Agreement allows Elon Musk’s tunneling company to conduct feasibility studies for Fort Lauderdale’s proposed Loop. The Interim Agreement specifically covers essential testing, such as geotechnical analysis and some design work. Information from the studies will be used to design the Las Olas Loop’s paths, including the locations of its stations and the entire project’s cost. 

According to the City Commission meeting, The Boring Company’s Interim Agreement includes milestone payments the City of Fort Lauderdale must pay even if it decides not to enter into a Comprehensive Agreement with TBC. The Agreement has four milestone payments, listed below. 

Alternative Analysis for $50,000
Geotechnical Report for $225,000
30% Design Drawings for tunnels and stations for $100,000
Cost Estimate, $0 (To be Announced)

#FortLauderdale City Commission vote to approve an Interim Agreement with @boringcompany for an underground transit system. The agreement authorizes feasibility studies to determine the overall cost, location, and design of the project.

— City of Fort Lauderdale (@FTLCityNews) June 8, 2022

The Boring Company’s price for its cost estimate milestone will be announced once the tests are complete. Thus far, Fort Lauderdale has been given potential cost estimate ranges. 

In total, the milestones would cost the City of Fort Lauderdale $375,000. However, The Boring Company has stated that it would spend more than that on the feasibility studies, design drawings, and cost estimate—although it did not disclose how much more. The Commission extensively discussed TBC’s milestone prices, specifically if the city could pay for each milestone incrementally. Although it was pointed out at the meeting that all the milestones would need to be completed to gather enough information for the possibility of a Comprehensive Agreement with The Boring Company. 

Ford Lauderdale formally accepted The Boring Company’s Las Olas Loop proposal in October 2021, following a 4-1 vote by the City Commission. TBC’s initial proposal was for a small-scale project in New River, but the tunneling company pitched a more underground network after more conversations with city officials. 

“The Las Olas Loop is an innovative, cutting-edge solution to help address the City’s long-term transportation needs and ease congestion,” said Mayor Dean J. Trantalis. “People headed to the beach on a holiday weekend or during a big event like the Boat Show will be able to get there quickly and hassle-free. We are thinking outside the box to build a city of the future.” 

In his November Newsletter, the Fort Lauderdale Mayor shared that the Las Olas Loop might travel between downtown to the beach. Tesla vehicles will transport passengers through the tunnel for the cost of a cup of coffee. Teslarati did some digging and found that Fort Lauderdale coffee shops typically costs between $3 to $6 per cup. 

The Teslarati team would appreciate hearing from you. If you have any tips, reach out to me at maria@teslarati.com or via Twitter @Writer_01001101 

The post The Boring Company’s Interim Agreement with Fort Lauderdale gets approval appeared first on TESLARATI.

Source: TESLARATI

Read More

Leave a Comment

Your email address will not be published.

Translate »