The Metro Nashville Airport Authority (MNAA) recently announced a groundbreaking 40-year agreement with Elon Musk’s The Boring Company to construct the Music City Loop, a revolutionary tunnel system that will connect Nashville International Airport to downtown Nashville.
Following extensive negotiations lasting eight months, the MNAA board members voted unanimously on February 18 to proceed with the ambitious project. As per the terms of the agreement, The Boring Company will pay an annual licensing fee of $300,000 to the airport authority for the utilization of approximately 933,000 square feet of airport property, with a 3% annual increase.
Over the 40-year duration of the agreement, this amounts to a substantial sum of around $34 million. Additionally, there are provisions for two optional five-year extensions that could potentially extend the partnership to 50 years, as reported by The Tennessean.
In response to the approval of the Music City Loop, The Boring Company expressed their excitement on their official X account, thanking the Metropolitan Nashville Airport Authority for the partnership and support.
Once operational, the Music City Loop is expected to introduce a $5 fee for airport pickups and drop-offs, similar to rideshare charges. Airport officials have estimated that the project could generate over $300 million in operational revenue over the course of the agreement, though this projection is considered conservative.
MNAA President and CEO Doug Kreulen highlighted the significant benefits of the project, emphasizing that the airport authority will receive a new mode of transportation for passengers to travel downtown without any capital investment from their end. The Boring Company will be responsible for the operations and maintenance of the tunnel system.
The Music City Loop has garnered both support and criticism from various stakeholders. Business leaders have lauded the economic benefits and improved mobility it will bring between downtown and the airport. On the other hand, opponents, including state lawmakers, have raised concerns about environmental impacts, worker safety, and long-term risks associated with the project.
Despite the differing opinions, the approval of the Music City Loop marks a significant milestone in Nashville’s transportation infrastructure development. The project is poised to reshape the way travelers access the city, offering a cutting-edge and efficient transportation solution for residents and visitors alike.
The original post can be found on TESLARATI’s website, providing further insights into this groundbreaking development in Nashville’s transportation landscape.