N.W.T. gov't agency selling downtown Yellowknife building, in bid to recover million-dollar loan

The territorial government's economic development agency is selling off a downtown Yellowknife property in an attempt to recover a million-dollar loan.

The 50th Street building, formerly the home of Twist and Shout restaurant and bar, recently went on the market for $950,000. According to court documents, that's the building's value based on a market appraisal.

In court documents, the Northwest Territories Business Development and Investment Corporation (BDIC) says that the business and owners, Colin Snow and Jason Perrino, owe it just over a million dollars.

According to affidavits filed in the case, BDIC loaned Snow and Perrino $899,500 to purchase the building three years ago. The building was security for the loan.

Then, a year ago, BDIC paid $68,000 to a contractor who had not been paid for renovation work on the business, plus $54,120 to the City of Yellowknife to cover unpaid taxes and utilities.

BDIC refused to say why it gave the additional loans last year, saying it "doesn't comment on files in legal."

The business and its owners are facing several other lawsuits related to debts allegedly owing as a result of the failure of the business.