VANCOUVER -- A deal to bring an elementary school to Vancouver's Olympic Village is being finalized, the city announced Wednesday.

City council and the Vancouver School Board will be entering into a 99-year ground lease for a site at the southeast end of False Creek, officials said in a news release.

The site is just west of Columbia Street, adjacent to Hinge Park.

It will be used for an elementary school and child-care facilities, according to the city and school board. The child-care centre would be subleased by the board back to the city.

The board's chair, Carmen Cho, said the Southeast False Creek and Olympic Village community has experienced "significant population growth," and that the site will allow kids to go to school in their own neighbourhoods.

The site was first identified back in 2007, and the child-care agreement was signed in 2013, but the lease agreement has still not been finalized.

Details of the lease agreement are still being worked out, a process that will involve city and board staff working together over the coming months, the city said.

The board will then apply to the provincial Ministry of Education to secure capital funding for construction of the school. The proposed lease states that the board must begin construction by the end of January 2024.