"We have a person in Elon Musk who started an electric vehicle company from nothing, and started a space company from nothing, and he has proven that he doesn't like to fail", Emanuel said.
The company will build and operate a "Loop", one of its new high-speed transit system ideas.
The Boring Company is on its way to Chicago.
At the company's annual shareholder meeting earlier this month, Musk said he expected the Palo Alto, California, company to post a quarterly profit during the July-September period.
The Boring Company, the tunneling venture led by Elon Musk that seeks to build underground pathways that would house high-speed autonomous transit, landed a big win in Chicago on Wednesday night. That plan will then go to the City Council.
The city has always been looking for a way to address the issue of long transit time between its major airport and downtown. This most recent effort was originally proposed last November, when the city opened up a "Request for Qualifications"-the first formal step in vetting companies eligible to submit proposals".
The Boring Company's new O'Hare Airport Station.
"Each vehicle will carry up to 16 passengers, plus their luggage, and will depart from O'Hare and from Block 37 as frequently as every 30 seconds".
The Boring Company was among four bidders vying for the project, which would be privately funded if the company and the city reach a final deal. 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. As previously reported by FOX Business, Musk envisions loop commuters will pay just $1 per trip from downtown Los Angeles to Los Angeles International Airport, which, according to the Boring Company's concept, would take just eight minutes per 11-mile ride.
The company says on its website that each vehicle will carry eight to 16 people and travel at speeds of 125 to 150 miles per hour (200 to 240 kph). No information has been released about estimated construction costs or when construction might begin.
One of the city's main stipulations was that the service cost less to use than comparable taxi and ride-share services, and presumably The Boring Company has said it can agree to those conditions.
The company and city officials will enter negotiations to bring the Loop transit system to Chicago.
The Boring Company is already working on a Loop transportation system in Los Angeles.