The loss of more than 30 jobs held by residents when the zinc mine closed in the fall of 2002 has impacted Arctic Bay, which is located about 34 kilometres down the road.
Mayor Niore Iqalukjuak hopes the Jan. 31 meeting will bring "closure" for affected residents.
"Some of the people that had worked there, you can hear them on the radio asking for money, or trying to sell stuff," Iqalukjuak said.
Many of Nanisivik's buildings have already been demolished, Iqalukjuak said.
Of those that remain, many have been deemed too contaminated for future use.
But the community still hopes some government buildings can be saved.
For years, the community and MLA Levi Barnabas have been asking the government to save some of Nanisivik's infrastructure.
Premier Paul Okalik has said in the legislative assembly that the government is working with the mine's owners, CanZinco Ltd., but that reclaiming the infrastructure is too expensive.
During the most recent sitting of the assembly, Barnabas submitted a written question about the Nanisivik file.
He has since received the answers and will table them at the next sitting of the assembly, Feb. 22.
In the meantime, draws for furniture have been held prior to the demolition of individual buildings.
Many people have also obtained some form of employment during the environmental clean up of the mine site, Iqalukjuak said.
A two-hour public meeting is scheduled for 4 p.m. on Jan. 31 at the Inuujaq school gymnasium, followed by community feast.
Worried that some people might have to work during the 4 p.m. meeting, Iqalukjuak asked for the time to be pushed back.
The GN said the meeting time would not be changed, he said.
Barnabas, Simailak, Okalik, Environment Minister Olayuk Akesuk and Community and Government Services Minister Peter Kilabuk will attend as elected representatives.