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.

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.

“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,” said councillor Caroline Jackson, leader of Lancaster City Council.

“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.”

Eden Project International Limited (EPIL) 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.

Subject to planning permission and funding, Eden Project North is due to open in 2024, following a two-year construction period.