Thank you, Madam Speaker. I rise today with more good news from Iqaluit.
---Applause Thank you. A striking new building, the Sivullik Building, now graces the downtown skyline of my constituency. Madam Speaker, it is a new building featuring 24 apartments, including penthouse apartments with spectacular lofts on the third floor and about 7,000 square feet of ground-floor commercial space.
What is exciting about this brand new edifice, Madam Speaker, is that it is majority-owned by 15 Inuit shareholders from all over Baffin Island who have put up real money, their own money, without government grants or subsidies of any kind, for 51 per cent equity along with Grinnel Properties Ltd. in this modern, $4 million building.
Their new company is called Sivullik Development Corporation. I'm told that the name "Sivullik" is derived from an ancient Inuit legend. Time does not permit me to relate it here, but briefly, Ninguraaluk, an old woman, Utuqqalualuk, an old man, and Iliarjugaarjuk, a little orphan boy, are transformed respectively into the stars Vega, Arcturus and Muphrid. Amongst the Inuit, Vega is known as Kingullialuk, "the big one behind," while Arcturus and its companion star are together called Sivullik, "the two in front."
Madam Speaker, I'm delighted that this project, which was the major capital project this summer, is entirely funded from the private sector, including financing from the Bank of Montreal. Iqaluit is coming of age in reducing its dependence on government.
---Applause
I'm especially pleased that this is yet another Inuit-owned and controlled venture; a second major real estate venture, following the Ivavik apartment building put up by Katujjijiit Development Corporation several years ago. I wish to particularly congratulate Harry Flaherty, president of Sivullik Development Corporation; Carmen Levi, vice-president; and, their board and shareholders for this major step towards becoming landlords in their own land.
It looks like, Madam Speaker, because of all the applause, that I'm going to have to request consent to conclude my statement.
---Laughter