Under the plans, more than 14 hectares of land in the Sowerby Bridge-Copley Valley area will be developed for housing and industrial uses.
New road infrastructure works – including canal and river bridges – will also be constructed.
Additional plans include the transformation of the Sowerby Bridge railway station into an eco-station, the inclusion of hydro-electricity generation at Copley Weir and the creation of waterside footpaths and cycle routes.
Yorkshire Forward chair Terry Hodgkinson said the project was the culmination of five years of work between the partnership.
Expressions of interest in the tender process close late April.