A deal worth somewhere around $4.5 million to purchase the former Canadian Tire store has been inked by the Council of Yukon First Nations (CYFN), it was announced Thursday afternoon.

Under the arrangement, the umbrella organization representing 11 of the Yukon's 14 first nations would take ownership by the end of this August.

The move wouldn't occur until a year later, in the summer of 2008, after an additional $6.5 million is spent on renovations.

The federal government, which owns the Nisutlin Drive building, will then demolish it and turn the vacant property over to the Kwanlin Dun First Nation, as was agreed to in the first nation's land claim settlement.

Peter Lesniak, the council's communication officer, said the intent is to make the Ogilvie Street building as environmentally friendly as possible, while adding to the quality and character of the downtown core.

'Canadian Tire was by far the most desirable site from that point and certainly one that allowed us to meet the timetable CYFN has identified,' Lesniak told reporters during a news conference to announce the purchase agreement.

The accompanying press release notes the purchase price is close to the $4.5-million asking price.

'Over the next couple of months, CYFN will be firming up various verbal partnership arrangements, evaluating proposals from previously unidentified prospective tenants, completing technical inspections of the existing structure and site, arranging for required financing of the project, and lining up qualified contractors,' Lesniak said.

The original building opened as the Kelly Douglas Ltd. food wholesalers warehouse in 1973, was later converted into the Hudson Bay department store and became Canadian Tire in 1992.

Paul Choquette, project manager for the move, said financing for the purchase and renovations is currently being negotiated through several sources, including different levels of government and conventional private financing.

Of the 50,000 square feet available after renovations, 20,000 will be required by the CYFN, with hopes of filling the remaining 30,000 square feet with one or more tenants, Choquette said.

He said among the green initiatives being explored by the council is using the natural geothermal heat from the ground to heat the building, as the lot is large enough to accommodate such a system.

The press release says the council did attempt to relocate on the riverfront to reflect the historical preference of first nations but was unable to secure the necessary land.

The building currently occupied by the CYFN was built in 1960 as a residence for Indian students, and has been occupied by the council since 1990.

'Many first nation citizens consider the building a sad and depressing place as it dates from the residential school era,' reads the press release.

There'll be no tears shed when it comes down, it was suggested.

In addition to the 11 Yukon first nations, the CYFN also represents four Gwich'in first nations from the Mackenzie River Delta.

Katy Mead, a spokeswoman for the federal Department of Indian Affairs, said the federal government estimated back in 2003 that it would cost $500,000 to demolish the building and remove the debris from the site.

Canadian Tire moved to a new building in the Chilkoot Centre earlier this year.