The systems I worked on were for cooling larger structures like commercial greenhouses, gov installations and mansions. 64° degree water would be pumped up from 400' down, run thru a series of chillers (for a/c) and then returned underground - about 20° or 25° warmer.

I always thought this method could be used to provide a/c for neighborhoods, operated as a neighborhood utility. I've not seen it done tho. I've seen neighborhood owned water supplies and sewer systems; it tells me the ownership part seems feasible.

He heard there was drilling involved

Here's a more realistic evaluation of Fervo.[1]

[1] https://www.latitudemedia.com/news/what-fervos-approach-says...