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Dig deeper into oils impact Going Forward. Going in Different Directions which is very unusual, definitely what we didnt see in the First Quarter. Costco starts its deal with citigroup today. What about former partner American Express . We have both sides whether one of the biggest losers can turn things around. The yahoo brain drain isnt over. Details on the latest executive to leave the struggling Internet Company coming up. Shares of tesla are popping after the company unveiled the model 3 last night. Preorders have soared past expectation and elon musk took the stage to unveil teslas new product. Even the base model 3 will do zeer ro to 60 or 0 to 100 in less than six seconds. [ applause ] at tesla ....
We start with the equity markets which is moving higher as the fed meets to decide whether or not to begin raising rates. Lets look at the numbers with the dow, the nasdaq and the s p. The nasdaq and the s p are now tracking for their second consecutive week of gains. Something that neither has done in nearly three months. But, ty, the real action here is in the oil market this hour with oil soaring. Wti crude up by 5. 3 . It could still be the biggest daily gain since august 31st when wti jumped nearly 9 . Brent crude, and weve been talking about the spread there narrowing, havent we, ty . But its up by 4 as well. Jack Jackie Deangelis is joining us from the nymex. Lots of people bringing lots of reasons to the table as to why we took off. You tell us what youre hearing. I have three main reasons that were moving higher, a spike like this today, 5. 5 . The first is that bullish eia report. A drawdown in inventories. Cushing dow ....
ordinance. the land use ordinance in effect provides multiple opportunities for the city to review conditional use permits, a plethora of development projects, including demolition, rehab, replacement of formula retail, creation of residential dwelling, and all searches. current zoning controls established a western soma planning area and the citizens task force is charged with updating plans to solidify zoning controls for the proposed special use district. formula retail is conditional affirmative and triggers the review process. there are prohibited uses within this area, etc. the next slide shows the concentration of affordable housing within the proposed boundaries. at this point, i m going to turn it back over to a need to talk about the outreach and supporters we have back over to amy. thank you. you should have a packet with a list of supporters and some letters we received in support. a number of folks have expressed support, many of whom are here. american ....
biotech companies taking advantage of the exclusion. while it is a very important and sent incentor, not every business thinks it is. we estimate that over 250 clean tech businesses in san francisco with approximately 20 taking advantage of the targeted tax breaks. we believe the tax proposal is also sound land use policy. promotes the concentration of of women in an urban core that has outstanding transit and promotes development and revitalization of a struggling neighborhood. we also believe we have heard concerns around displacement. we move that there are extraordinary other policies within the city that prevent displacement with in these neighborhoods. over 45% of the city s permanent affordable housing is located either in or adjacent to this to the boundaries of the central market and tenderloin payroll tax exemption. there is the sro payroll ordinance. the land use ordinance in effect provides multiple opportunities for the city to review conditional use pe ....
that the city is receiving and former general fund revenue over the life of the program. based upon our projected job growth numbers, our estimates for twitter, we believe that they will bring 1300 jobs to central market and then grow to more than 2600 jobs over six years, and these are direct jobs. we estimate that twitter will generate 11 $6 million in cash revenue to the city on an average annual basis over the life of the exemption. this includes an estimated base pay will tax of $535,000, and then, the multipliers of the utility user taxes, sales and use tax, hotel tax, and property tax that would be generated by these jobs remaining in sanford cisco and locating in on market street. we are aware twitter itself does not pay hotel tax, but we are using and methodology provided to us by the office of economic analysis, which projects if the types of revenues that businesses generate through their business enterprises. the third column shows that in year seven, twit ....