Elon Musk, Boring Company to negotiate with Chicago for Loop train system

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The city of Chicago has chosen The Boring Company to build its next transit project-dubbed "Loop"-which aims to whisk passengers from downtown to O'Hare airport at speeds of 100 miles per hour".

Chicago's Mayor Rahm Emanuel said Chicago bet on Musk's record as a founder who has built Tesla and SpaceX-the first private company to send a spacecraft to the International Space Station.

Prices for the express service have not been set, but The Boring Company's proposal said that they'll be more expensive than the Blue Line, but cheaper than a vehicle service.

The Chicago and Los Angeles projects come as Musk wrestles with production problems for the rollout of the highly anticipated Tesla Inc Model 3 sedan.

Chicago in March shortlisted Boring and O'Hare Xpress LLC, a consortium that included a company that designed a terminal London's Heathrow Airport, according to Bloomberg. Musk founded the company in the hope of alleviating city gridlock by building more tunnels, an endeavor that has set the company's engineers toward improving tunneling techniques.

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The proposed link will shuttle eight to 16 passengers on "skate" electric vehicles in an underground loop between the airport and the Block 37 development in downtown Chicago. Public transit from the airport to downtown now takes approximately 45 minutes. Opponents say the exemption Boring seeks from a lengthy environmental review of the Los Angeles test tunnel violates state law forbidding such waivers for large-scope projects on a piecemeal basis. Chicago is bearing no financial responsibility for the project, Emanuel said. No opening day for the Chicago Express Loop was offered. The tunnels may end up belonging to the city, with a long-term lease assigned to Musk's company.

Musk unveiled a similar plan last month in Los Angeles to build tunnels beneath the city for a high-speed network of "personalized mass transit".

A lease deal will need to be struck with the CTA to use its Block 37 station, and Rivkin said he "expects" that Boring will pay for usage. Fares would amount to $20 to $25 a ride, the Tribune reported. A lengthy write-up in The Chicago Tribune says that the total cost of the project could be around $1 billion, according to unnamed sources with knowledge on the matter. The Boring Company released Wednesday renderings of what the underground system and rail cars would look like.

The Boring Co has been promoting its plans for Hyperloop tunnels that would allow high-speed travel between cities, such as travel from NY to Washington in less than 30 minutes. They are created to carry between eight and 16 passengers, or a single passenger vehicle, according to the company.