The city council, which owns the land, will transfer the site to Eden, subject to them achieving planning permission and funding for the planned £125m attraction.
The site, on Morecambe seafront, was formerly occupied by the Bubbles leisure complex and is adjacent to the Midland Hotel.
As part of the agreement between the council and Eden, as the project becomes established and visitor numbers reach an agreed level, a percentage of each ticket sold will be paid into a trust fund which will be used to benefit the local community.
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Eden have also committed to a social value package, which will see locally sourced supplies and services being used, and local employment and training opportunities being provided.
Coun Caroline Jackson, leader of Lancaster City Council, said: “Eden Project North promises to be the most significant project in our district for a generation. It will provide huge benefits to our economy through a commitment to local purchasing and creation of good local jobs.
“I’m particularly pleased that our agreement with them includes the creation of a community fund, which will ensure the people of Morecambe directly benefit for generations to come.
“My thanks go to both the council’s officers and representatives from Eden for their hard work during the negotiations and we look forward to a fruitful partnership over the coming years.”
David Harland, chief executive of Eden Project International, said: “This is a major milestone for Eden Project North and we are grateful to our friends at Lancaster City Council for their hard work in bringing this deal to fruition.
“This land agreement comes at an exciting moment for Eden Project North. We are still welcoming feedback from the community through our online consultation event and will be submitting the planning application for the project shortly.
"We continue to have productive conversations with the Government regarding funding and hope to have good news on this before the end of the year.”
Eden Project International Limited is working with Lancashire Enterprise Partnership, Lancaster University, Lancashire County Council and Lancaster City Council to deliver Eden Project North.
Eden is aiming to submit its planning application later this summer and an online consultation event is ongoing until August 6. This is open to everyone and can be viewed here.
Subject to planning permission and funding, Eden Project North is due to open in 2024, following a two-year construction period.
For more information about Eden Project North and to sign up to Eden’s ongoing series of online community conversations, click here.