Leaders are set to meet this week to discuss the City Deal.
Draft details of how the Preston, South Ribble and Lancashire City Deal will be delivered are set to be rubber stamped by the cabinets of Preston Council and South Ribble Council this evening, and by Lancashire County Council leaders tomorrow.
Over the next 10 years, the deal is expected to generate more than 20,000 new private sector jobs, including 5,000 in the Lancashire Enterprise Zone.
It also aims to create 17,420 new homes and deliver nearly £1bn in economic growth.
An outline plan showing how and where the money could be spent is now due to go before council bosses.
Partners have come up with a City Deal infrastructure delivery programme, which will enable the delivery of highway infrastructure and allow the development of commercial projects and housing schemes.
Projects will include four highway schemes and community infrastructure such as schools and health facilities.
Together with the City Deal investment fund, the plans are worth £450m in funds for new projects for the area.