Proposal by Elon Musk’s Boring Company for tunnel in Florida’s Fort Lauderdale may be accepted – but other companies would get a chance to bid too

• Fort Lauderdale officials on Tuesday will vote on whether to accept The Boring Company's proposal.
• If accepted, the project would be opened for bids from other tunneling companies.
• Mayor Dean J. Trantalis said the beach-to-city tunnel would be called "The Las Olas Loop."
• See more stories on Insider's business page.

Fort Lauderdale officials on Tuesday will vote on whether to accept a proposal from The Boring Company to build a passenger tunnel between the beach and downtown.

The "Las Olas Loop" would be the second major project for founder Elon Musk's tunneling company. The Florida city said it received a proposal on Wednesday.

"Fort Lauderdale would be the first city on the East Coast – and only the second city in the world – to benefit from The Boring Co.'s technology," officials in the tourist destination said in a Thursday statement.

If City Commission officials accept the proposal next Tuesday, they'll then open up a competitive bidding process to other tunneling firms. The Boring Company's plans won't be made public until the bidding process ends, the city said.

"Called 'The Las Olas Loop,' this represents an innovative and unprecedented approach to addressing traffic congestion and transit needs," Mayor Dean J. Trantalis said on Twitter on Wednesday.

The company's Las Vegas underground transportation system launched with a press event in April, followed by a public opening in June. The 1.7-mile loop under the Las Vegas Convention Center has three stops. The company said it cost about $47 million to build.

Las Vegas city councilors in December approved an expansion into downtown, with plans to connect to McCarran International Airport. A trip from the Las Vegas strip to the airport could take about seven minutes via a tunnel, according to officials.

Officials in Fort Lauderdale said they initially made contact with The Boring Company to talk about "underground alternatives to the construction of a high-rise commuter rail bridge over the New River."

They added: "When corporate executives later visited the city, they asked to look at other transportation needs of our city."

Miami Mayor Francis Suarez and Musk also met in February to discuss a $30 million tunnel under the city.

"I think we have a unique opportunity to create a signature project not just for Miami, but for the world," Suarez said at the time.