The Alamo Regional Mobility Authority board voted to study the feasibility of a transportation tunnel as proposed by the Boring Company.
Alamo Regional Mobility Authority Chairman Michael Lynd Jr. takes a vote Wednesday on a plan by Elon Musk’s Boring Company to build a tunnel between the airport and downtown. It was selected for a feasibility study.A plan by Elon Musk’s Boring Company to build a tunnel between San Antonio’s airport and downtown was selected Wednesday by the local regional mobility authority for a feasibility study.
Boring’s bid includes an option for the company to fully finance phase one of the system, a tunnel between the airport and the Pearl to start, at a cost of $27 million to $45 million.“What we don’t know is whether it’s financially viable at this point because, at the end of the day, the reason we’re doing this is to generate a revenue stream for the RMA, so that we can build even more infrastructure projects,” Michael Lynd, the RMA board’s presiding officer who recently was reappointed by Gov.
“The [request for information] was issued on our behalf after a lot of conversation to try to get creative and come up with a source of revenue for the RMA that could be generated, that has longevity to it, that we can then use to be able to finance infrastructure projects and other demands,” said Lynd. “Right now we’re dependent, really, on the state for all of our needs beyond what we get from the registration fee.
No timeline has been set for the process to determine the project’s feasibility. The RMA will hire an investment advisor to study the project and determine more precise revenue streams, which will be needed in order to sell bonds that would finance the project. “I don’t even think we’re biting at the apple, we’re pointing at the apple,” said board member John Agather.
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