The windowless, rectangular building located on the Con Mine site was built in the mid-1930s, and began its life as the Con cinema.
Guy said the lodge began holding meetings there in the 1940s and continue to do so today. The structure is now owned by the Masons and sits on approximately one-half acre.
"It's a nice building from its period and it would be nice to keep it in the original state," Guy said.
But like the Con-Rycon trailer park residents, the future of the land on which the hall sits is uncertain. Moving it to another location, however, is not a desired option.
"Because of the vintage, if moved, it would endanger the structure. It is also cost prohibitive," Guy said.
As a result of the situation and a recent decision by council, Mayor Gord Van Tighem said "the plan of the day" is to "draw a bigger circle around the Con/Rycon trailer park land, thereby including the Masonic Hall in the plans to apply for the land."
The land the city will now apply for is slightly larger than 12 hectares.
Dave Grindlay, a past master of the lodge, said although it has not yet been discussed with the Yellowknife Historical Society, by being the very first movie theatre in the area, there is some historical significance attached to the building.
"We did talk about saving it five or six years ago but legally, we were told not to do anything," Grindlay said.
"And we are quite prepared to buy the land, but having to move it would be difficult."
He said the soil testing has been done on the area, and while "there are three or four hot spots on the (Con mine) lot, they're not where the trailer park or the lodge is."
But the lodge and the trailer park are not the only structures with uncertain futures on the land which is leased by Con.
"Every single building has the potential to be demolished," Walt Humphries, president of the NWT Mine Heritage Society said. "They should be saved. In a way they are heritage buildings - why not reuse them."