I think it is important that we do realize we have the private sector out there that we have to take in account. They have made a lot of capital investment in regard to properties. I know there are many questions in regard to how people are going to recoup their investments. A lot of these properties, especially in Inuvik, have been just newly acquired. These people have millions of dollars laid out over the next number of years in order to pay off those loans they got from the bank to pay down these assets. They will have to have some security over a number of years.

I think it is important that we aren’t seen to compete against the private markets or have to put people in the situation where they’ve got to get out of the business because they’re losing money. I believe this is exactly what’s going to happen with this project, especially in Inuvik region.

I believe there are a lot of risks taken by people getting into this sector. I know that the Gwich’in purchased facilities off the Inuvialuit because they wanted to consider that one as their portfolio. Part of that arrangement was that they were going to require assets in the Inuvik region and build up a portfolio of retail assets. Yet those assets are old. As with any old asset you have to make major investments to upkeep those assets. I know there have been a lot of discussions, especially coming from the deputy, saying: well, there are all these problems with air handlers; there are problems with elevators; there are problems in regard to access. Anywhere else in the territory that this government purchased office space, just part of that lease arrangement is intended improvements. Sure, you can have all the intended improvements you want, but at the end of the day you have to pay for them. Using those as excuses shouldn’t be a reason that we try to run these businesses out of town. For me that’s exactly what I see happening in this scenario.

I would like to ask the Minister: what’s the term of leases that you mentioned in Inuvik? When are those leases up? Exactly what are the renewal dates on those leases, and what’s the term on most of the leases?