Thank you, Madam Chair. Madam Chair, as we all know, this is an opportunity of a lifetime to take advantage of this major development that's going to take place in the Northwest Territories, by way of an $8 billion pipeline project where this chance will maybe
only come once in this lifetime. I think we have to keep in mind that opportunities don't come by this often and I think we have to take advantage of it.
Again, this project is a business deal. It is a deal to supply workforce housing for the pipeline. It is between the Mackenzie pipeline or gas project, and also in regards to someone to supply these facilities. The whole idea of the Novel project is to enable the Mackenzie gas project to consider investing in this type of workforce housing, but also looking at it in regards to a win-win situation for the people of the Northwest Territories, the people of the Mackenzie Valley, and also for the Government of the Northwest Territories by way of finding affordable housing. I think it is important to realize that we are looking at permanent, affordable and energy-efficient homes. In regards to the Mackenzie gas project, this is something that has been worked on between industry, the Government of the Northwest Territories, CMHC and also trying to find a way that we can deal with our housing crisis, but, more importantly, use the industry to provide us with that opportunity.
I think it is important to realize that, in regards to expenditures that are made, the federal government who is a partner in this process will be investing $119 million which is basically the $90 million they committed to contribute plus $29 million in regards to interest that it is going to accrue on that $90 million, because we were trying to get the money at the front end but it will be coming by way of an insurance which will be charged because they are telling us now that they will not fund the project until the project has been completed and the camps are available to be acquired. Ourselves, we are looking at $116 million to be used to convert these work camps for housing for Novel and transfer them into the communities and do the site development costs. You have to realize that, out of that, there is going to be $200 million left in the Northwest Territories economy. The economic benefit to the Northwest Territories -- the suppliers, the contractors, the labour force -- will leave a legacy of economic growth long after the pipeline is concluded.
I think it is important for us to realize that the opportunity that we have here is going to leave us some economic growth three or four years after the pipeline has been concluded. In most cases, people looking for employment in the pipeline are possibly looking for three years of winter employment, up to 278 days of employment. I believe we have to be realistic here to take advantage of this opportunity. I don't think the federal government, ourselves, Imperial Oil or any of the partners in the Mackenzie gas pipeline group want to leave a legacy behind so that we can all realize how important it is. I just wanted to state that for the record in regards to the dollars that are going to be allocated and also an opportunity for people to buy affordable housing where we are looking at selling half of these units to individuals to purchase at a reasonable cost, $110,000, to buy a two or three-bedroom mobile home compared to other costs that are associated elsewhere in the Northwest Territories. I think we have to be realistic here. I realize that this is an opportunity of a lifetime. Thank you.