ING's vision of a bustling waterfront area, with 700-plus homes, a hotel, shops and a marina saw them win the bidding process in 2004.
Legal formalities are expected to be wrapped up by today (Friday) on the development agreement, with the fine de
tail to be presented at a council meeting on September 22.
This will give a fuller picture of how the parties intend to take forward the project.
Councillor Craig Martin, economic strategy and development convenor, said: "We're delighted to see the project advance significantly with the signing of the development agreement between Falkirk Council and its partners, ING.
"The agreement offers a great outcome for Bo'ness at a time when the economy has been in downturn and provides many new opportunities for investment.
"This complements the extensive work already undertaken by Falkirk Council through its ambitious regeneration programme."
Hamish Calder, ING Real Estate project director, said: "ING Real Estate is delighted that the transformation of the Bo'ness foreshore has taken another important step forward and we will be continuing to work closely with Falkirk Council on this exciting development."
Last June Falkirk Council had approved, on the casting vote of Provost Pat Reid, ING's proposal to start work on the housing development to the east of the harbour.
This would be followed by a regenerated marina.
The initial intention had been for the two phases – with outline planning permission rubber stamped by the Scottish Executive in April 2007 – to be worked on in the reverse order.
But the economic downturn led to Dutch-based ING revising their plans to improve cash flow.
Bo'ness Labour councillor Adrian Mahoney said this week: "The signing of the development agreement is a positive step forward. However, there's a lot of work to be done before any building gets under way."
John Constable, Bo'ness SNP councillor and chairman of the Bo'ness Development Group, questioned why the agreement had taken so long.
He also said the development group, set up last year with local councillors and reps from various town organisations to monitor and get the best deal for the town's regeneration, had not been able to scrutinise the agreement prior to completion.
"The way it's been done is frankly a disgrace," said Mr Constable,who said he would be considering his position as chairman of the development group.
Craig Martin said that development groups were not ''talking shops'', as their input is fed into the development agreement, which is a legal document.
He added: "We have worked steadily for over a year to implement the decision of Falkirk Council to bring together an often complex piece of work.
"Throughout the course of the project, full updates are being given to the Bo'ness Regeneration Working Group and the finalised plans have been arrived at following extensive consultation with the local community.
"Despite the economic situation, ING has shown a great deal of faith in the town and has worked very well with Falkirk Council to deliver this outcome."
editorial@journalandgazette.co.uk