The intention is to begin building the floating city by 2019, said executive director Randolph Hencken who added the memorandum of understanding would "solidify our agreement to collaborate on developing the first seastead in a lagoon in French Polynesia'.
"We are in this position thanks to the thousands of visionaries and dreamers who have become a part of our team over the past eight years. It's also going to require a lot of work.
"Our venture is poised to launch a seasteading industry that will provide environmental resiliency to the millions of people threatened by rising sea levels, provide economic opportunities to people in remote and economically deprived environments, and provide humanity with new opportunities for organising societies and governments.
"Our agreement with French Polynesia stipulates that French Polynesia will work with us to create a legal structure for seazones with a ‘special governing framework' by the end of 2017; and that we need to conduct site-specific environmental studies, and economic impact studies to justify the creation of seazones."
Hencken said the next steps involved economic and environmental impact studies as well as legal investigations work out the governing framework to ensure the success of its floating communities.