"We're really excited to work with the mayor and the city to bring this new high-speed public transportation system to Chicago", a Boring Company spokesman said as the company announced the news on Thursday. Emanuel said it will be funded by the company with no taxpayer subsidies, and added that in conjunction with O'Hare's planned $8.5 billion expansion, it will fuel Chicago's economic growth.
The Boring Company must pay for a new station at O'Hare and renovate a unopened transit "superstation" at Block 37, part of a shopping center near City Hall that was a vestige of an abandoned high-speed rail project.
According to the Boring Company's website, its service will cut the journey time to 12 minutes, which would be "three to four times faster than existing transportation systems" that serve the airport.
Musk hasn't given up on his original vision for an ultra-high-speed transport system.
Minimum wage doesn't pay the rent anywhere
That means spending no more than 30% of their income on housing costs - the typical rule of thumb when budgeting for housing. San Francisco tops its list for requiring the highest hourly wage in the nation for renters to afford a two-bedroom unit.
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. Shuttles would leave as frequently as every 30 seconds, and the system would operate 20 hours every day.
Musk's plan proposes a 16-passenger autonomous vehicle that can whip passengers at speeds up to 100 miles per hour through tunnels between the airport and downtown.
"Neither our mayor, nor Elon Musk, is a patient man, so we expect to start negotiations immediately and construction as soon as possible, and we'll be putting this project online in the near future", Deputy Mayor Robert Rivkin said Thursday.
The plans to connect airports in Chicago and Los Angeles are a bit less ambitious than one Musk floated last summer, to connect New York City and Washington, D.C. The company has been digging under a SpaceX parking lot, while its application to dig a tunnel beneath Los Angeles and Culver City is caught up regulatory obstacles and legal challenges.
But in interviews with Chicago newspapers, Emanuel expressed great faith in the ability of Musk, father of the Tesla and SpaceX, to deliver at a cost of roughly $1 billion or less. "Given his track record, we are taking his reputation and saying, 'This is a guy in two other transportation modes who has not failed.' That's what we're doing". This new train would take less than 15 minutes. "Almost like an autonomous, underground, multi-level auto system". The Loop's 18-mile route supposedly would cost passengers $20 to $25 per trip. They are created to carry between eight and 16 passengers, or a single passenger vehicle, according to the company.