Question-and-Answer Session
Operator
(Operator Instructions) We will take our first question from Sheila McGrath with KBW. Please go ahead.
Sheila McGrath - KBW
Hi, good morning. My first question is on liquidity. Looking at the cash balances of over $115 million, and then notes receivable, could you just walk through are you going to continue selling rural acreage this year? And also, I thought that there was a tax receivable and I just wanted to know income tax receivable the status of that as well?
Bill McCalmont
Thanks, Sheila. I guess yeah, we got a $115 million of cash, a $100 million un-drawn on our credit facility as we noted. And we have notes receivables of approximately $50 million. The income tax receivable at the end of the year was about $32 million. So those are our sources of primary liquidity during 2009, and we would expect to receive that income tax receivable in cash during 2009.
As we look forward in 2009 for our current business plan, I think you will see a moderate our Rural Land Sales, and not focus as heavily on driving cash generation from those land sales and being prudent in managing our inventory from that perspective.
Sheila McGrath - KBW
Okay, great. And then on the transportation, or on the economic stimulus packages, I was just wondering if Northwest Florida is due to benefit from any of those transportation dollars?
Britton Greene
Well, we certainly have our eye on it, Sheila, and we expect that we would have our fair correct just like the rest of the state an opportunity there but from a road or infrastructure improvement standpoint. So, I think the state there is getting enough there that it can be split among the state and Northwest Florida will get its fair share as a result.
Bill McCalmont
It's obvious that we are active in promoting our interest in Northwest Florida though and that’s safe to say.
Sheila McGrath - KBW
Okay. And then last question, just on commercial joint-ventures in general and also more specifically on the retail on JV that you've mentioned in the past. Could you just give us an update on that?
Britton Greene
Sure, the venture we are still there, we are still partners. The property is still there, still entitled. But given the nature of the retail marketplace it has certainly slowed. And while we still aggressively pursue the opportunity for a lease, we are obviously in this market, we think regional guestimated when that might come to pass is probably going to be delayed further out. But we still expect that it's a viable and well-placed opportunity with that retail center.
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