Coun. Matthew Green is hoping to dip into his Ward 3 area-specific capital reserve fund to buy the former King George School across from Tim Hortons Field, after a city review concluded there's no business case for the municipality to do so.

Green said on Monday he is working with a "transformational" partner on a new use for the 106-year-old red-brick school on Gage Avenue North, but can't yet divulge details.

More information on a bid for the school - closed in 2012 following an accommodation review - is expected to be presented to city council in closed session at its Oct. 25 meeting.

The city is on the list of preferred public agencies, including other school boards and educational institutions, being given until Nov. 2 to submit a bid for the 0.76-hectare property.

Green, whose plan got the backing of council's school board properties subcommittee on Monday, said he has "a keen interest in keeping public spaces public" and hopes to obtain a memorandum of understanding with the proposed partner as soon as possible.

He said they have already toured the school together and the partner would be responsible for any upgrades and other costs.

"I think it will be a transformation partnership, bringing in the country's best and brightest while providing access to world-class opportunities to our residents," Green said.

"It will be a very interesting collaboration between institutional partners, local grassroots organizations (and) potentially equity-seeking groups."

Hamilton public school board chair Todd White welcomed Green's interest in King George, severed from the property of the former Parkview high school, which has been demolished and turned into a parking lot - a use the councillor hopes to avoid.

The board is building a new high school at Scott Park - also located across the street from Tim Hortons Field - to replace Parkview, Delta and Sir John A. Macdonald.

"It's always great to hear when a piece of school board property remains in public hands," White said.

"Whether it stays in the city's hands or another agency, I think it's great news for the Scott Park precinct. That whole area has been completely revitalized."