I think the cleanest thing to do is create a data access project (class library) that contains just your models and db context, and reference that from all of your other projects.
Some people will say that you should make one class library with just the models, and then have yet another that has the DbContext, and the have repository classes, and then.... I feel this is overkill for the majority of projects. Having the models and context in one place just makes it really easy to keep all the dependent projects consistently in sync when it comes to data access.
Here's a typical project structure for me:
Here, Squelch.Data contains all of my models and db contexts, Squelch.Core contains core business logic, and my two "applications" (Squelch.Portal ad CdrImport), and the various test cases, all reference these base class libraries.