RMA picks Elon Musk’s Boring Co. for airport-to-downtown loop project
Alamo Regional Mobility Authority Chairman Michael J. Lynd, Jr., listens to discussion during a Alamo RMA board meeting held at the Bexar County Public Works Department in San Antonio, Texas, on March 16, 2022. The RMA board voted to begin negotiations with Elon Musk's Boring Co. regarding a transportation project aiming to carry passengers between San Antonio International Airport and downtown.The Alamo Regional Mobility Authority on Wednesday moved forward with the Boring Co.
The Boring Co.’s proposal beat a competing plan from Bexar Automated Transport, a consortium of out-of-state tunneling, construction and software companies. The airport-to-downtown loop’s estimated cost would be between $247 million and $289 million. A document provided by RMA staff Wednesday referred to the organization providing revenue bond financing for the project.
“We use our capacity to issue bonds to support the project and then pay for it, essentially,” Lynd said. “And then the revenue stream comes back, pays the services of those bonds ... and then split based on whatever we as a board decide is a fair split for us.”
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