Dan Hedigan: Well, first, going back to those, I think we’ve been on over kind of the last year, there was a lot of work done by our team with the city of Irvine to kind of — to allow us to expand on the public improvements that we can get reimbursed for through the CFD. So a lot of those efforts that we put in and that mostly happened last year. We were seeing those earlier this year where we were literally catching up for work that we had done. So, I think as we go forward — you have to understand the difference between Irvine and Valencia [indiscernible] Irvine has got a lot of rooftops. So, we can pretty much get reimbursed as the work is completed. And I would say that for the most part, we’re close to caught up there.
And as we complete work, we’ll be able to still achieve near-term reimbursement. In Valencia, we’re actually out ahead. And so, as we complete, that’s about completing rooftops and getting buyers in, then we have the ability to issue additional bonds and get reimbursed. I don’t actually have a number for next year on reimbursement. So, I’m not going to try to guess on that at this moment in time. But for the most part, we’re kind of — we’re moving through it as quickly as we can, both from a standpoint of completing work that is subject to reimbursement and then having the bonding capacity that’s needed through the rooftops in place.
Terrance Balkaran: Great. Thanks. That’s it for me for now, but I really appreciate it. Thank you.
Dan Hedigan: You’re welcome.
Operator: Our next question comes from the line of [Robert Cohen] (ph), a Private Investor. Please proceed with your question.
Unidentified Analyst: Yeah, hi. Thanks for taking my questions. My first question is, are you planning on doing any actual development in Great Park, Valencia or San Francisco, or you just planning on doing land sales?
Dan Hedigan: Robert, that’s actually a very good question. We have the opportunity because of our kind of land positions to look at vertical development in all of those communities. I think our near-term plan is to stick to the horizontal development, which is kind of where our expertise is. But as we look at Valencia and San Francisco, we think there’s some really unique opportunities probably to partner people with that vertical expertise. And that’s — so that’s something we do look at, but it’s not near term, but we think long term, there’s some real interesting opportunities there.
Unidentified Analyst: Okay. So you would be thinking about bringing in maybe larger real estate investments, larger real estate companies to maybe invest with you to fund these developments?
Dan Hedigan: Part of it is, once again, if we’re going to — if we were moving into an area, we don’t have necessary expertise to do industrial development. So you’d want to work with somebody that has that expertise both to develop and operate it, and we have the land. And so those are the types of things that we look at as long-term opportunities. But I think that rather than trying to develop all that expertise inside of the company, we think there’s a lot of expertise in other places that we could tap into, which would be a good match between their expertise and our land positions.
Unidentified Analyst: Okay. And do you have any timeframe for maybe doing some of that actual development?
Dan Hedigan: Well, again, I think that obviously, the thing that we are most focused on in that type of development would be in the commercial areas. And so right now, some of our bigger commercial opportunities in Valencia are going to be coming in some — an area called Valencia Commerce Center, which we’re in the process of processing the entitlement for that. And then in San Francisco, there will be various opportunities in San Francisco when we get that community up and running because it is a very — it’s got a lot of mixed use across the entire site. But I think that we’re a couple of years out simply because we really need to be in the right land position to do that from a perspective of actually being in that segment of the market.
