Found the answer,
Step 1. Use the following SQL Script to create the tables on the external sql server:
/****** Object:  Table [dbo].[__MigrationHistory]    Script Date: 5/15/2014 3:57:55 PM ******/
SET ANSI_NULLS ON
GO
SET QUOTED_IDENTIFIER ON
GO
SET ANSI_PADDING ON
GO
CREATE TABLE [dbo].[__MigrationHistory](
    [MigrationId] [nvarchar](150) NOT NULL,
    [ContextKey] [nvarchar](300) NOT NULL,
    [Model] [varbinary](max) NOT NULL,
    [ProductVersion] [nvarchar](32) NOT NULL,
 CONSTRAINT [PK_dbo.__MigrationHistory] PRIMARY KEY CLUSTERED 
(
    [MigrationId] ASC,
    [ContextKey] ASC
)WITH (PAD_INDEX = OFF, STATISTICS_NORECOMPUTE = OFF, IGNORE_DUP_KEY = OFF, ALLOW_ROW_LOCKS = ON, ALLOW_PAGE_LOCKS = ON) ON [PRIMARY]
) ON [PRIMARY] TEXTIMAGE_ON [PRIMARY]
GO
SET ANSI_PADDING OFF
GO
/****** Object:  Table [dbo].[AspNetRoles]    Script Date: 5/15/2014 4:04:57 PM ******/
SET ANSI_NULLS ON
GO
SET QUOTED_IDENTIFIER ON
GO
CREATE TABLE [dbo].[AspNetRoles](
    [Id] [nvarchar](128) NOT NULL,
    [Name] [nvarchar](256) NOT NULL,
 CONSTRAINT [PK_dbo.AspNetRoles] PRIMARY KEY CLUSTERED 
(
    [Id] ASC
)WITH (PAD_INDEX = OFF, STATISTICS_NORECOMPUTE = OFF, IGNORE_DUP_KEY = OFF, ALLOW_ROW_LOCKS = ON, ALLOW_PAGE_LOCKS = ON) ON [PRIMARY]
) ON [PRIMARY]
GO
/****** Object:  Table [dbo].[AspNetUsers]    Script Date: 5/15/2014 4:06:02 PM ******/
SET ANSI_NULLS ON
GO
SET QUOTED_IDENTIFIER ON
GO
CREATE TABLE [dbo].[AspNetUsers](
    [Id] [nvarchar](128) NOT NULL,
    [Hometown] [nvarchar](max) NULL,
    [Email] [nvarchar](256) NULL,
    [EmailConfirmed] [bit] NOT NULL,
    [PasswordHash] [nvarchar](max) NULL,
    [SecurityStamp] [nvarchar](max) NULL,
    [PhoneNumber] [nvarchar](max) NULL,
    [PhoneNumberConfirmed] [bit] NOT NULL,
    [TwoFactorEnabled] [bit] NOT NULL,
    [LockoutEndDateUtc] [datetime] NULL,
    [LockoutEnabled] [bit] NOT NULL,
    [AccessFailedCount] [int] NOT NULL,
    [UserName] [nvarchar](256) NOT NULL,
 CONSTRAINT [PK_dbo.AspNetUsers] PRIMARY KEY CLUSTERED 
(
    [Id] ASC
)WITH (PAD_INDEX = OFF, STATISTICS_NORECOMPUTE = OFF, IGNORE_DUP_KEY = OFF, ALLOW_ROW_LOCKS = ON, ALLOW_PAGE_LOCKS = ON) ON [PRIMARY]
) ON [PRIMARY] TEXTIMAGE_ON [PRIMARY]
GO
/****** Object:  Table [dbo].[AspNetUserClaims]    Script Date: 5/15/2014 4:05:11 PM ******/
SET ANSI_NULLS ON
GO
SET QUOTED_IDENTIFIER ON
GO
CREATE TABLE [dbo].[AspNetUserClaims](
    [Id] [int] IDENTITY(1,1) NOT NULL,
    [UserId] [nvarchar](128) NOT NULL,
    [ClaimType] [nvarchar](max) NULL,
    [ClaimValue] [nvarchar](max) NULL,
 CONSTRAINT [PK_dbo.AspNetUserClaims] PRIMARY KEY CLUSTERED 
(
    [Id] ASC
)WITH (PAD_INDEX = OFF, STATISTICS_NORECOMPUTE = OFF, IGNORE_DUP_KEY = OFF, ALLOW_ROW_LOCKS = ON, ALLOW_PAGE_LOCKS = ON) ON [PRIMARY]
) ON [PRIMARY] TEXTIMAGE_ON [PRIMARY]
GO
ALTER TABLE [dbo].[AspNetUserClaims]  WITH CHECK ADD  CONSTRAINT [FK_dbo.AspNetUserClaims_dbo.AspNetUsers_UserId] FOREIGN KEY([UserId])
REFERENCES [dbo].[AspNetUsers] ([Id])
ON DELETE CASCADE
GO
ALTER TABLE [dbo].[AspNetUserClaims] CHECK CONSTRAINT [FK_dbo.AspNetUserClaims_dbo.AspNetUsers_UserId]
GO
/****** Object:  Table [dbo].[AspNetUserLogins]    Script Date: 5/15/2014 4:05:37 PM ******/
SET ANSI_NULLS ON
GO
SET QUOTED_IDENTIFIER ON
GO
CREATE TABLE [dbo].[AspNetUserLogins](
    [LoginProvider] [nvarchar](128) NOT NULL,
    [ProviderKey] [nvarchar](128) NOT NULL,
    [UserId] [nvarchar](128) NOT NULL,
 CONSTRAINT [PK_dbo.AspNetUserLogins] PRIMARY KEY CLUSTERED 
(
    [LoginProvider] ASC,
    [ProviderKey] ASC,
    [UserId] ASC
)WITH (PAD_INDEX = OFF, STATISTICS_NORECOMPUTE = OFF, IGNORE_DUP_KEY = OFF, ALLOW_ROW_LOCKS = ON, ALLOW_PAGE_LOCKS = ON) ON [PRIMARY]
) ON [PRIMARY]
GO
ALTER TABLE [dbo].[AspNetUserLogins]  WITH CHECK ADD  CONSTRAINT [FK_dbo.AspNetUserLogins_dbo.AspNetUsers_UserId] FOREIGN KEY([UserId])
REFERENCES [dbo].[AspNetUsers] ([Id])
ON DELETE CASCADE
GO
ALTER TABLE [dbo].[AspNetUserLogins] CHECK CONSTRAINT [FK_dbo.AspNetUserLogins_dbo.AspNetUsers_UserId]
GO
/****** Object:  Table [dbo].[AspNetUserRoles]    Script Date: 5/15/2014 4:05:50 PM ******/
SET ANSI_NULLS ON
GO
SET QUOTED_IDENTIFIER ON
GO
CREATE TABLE [dbo].[AspNetUserRoles](
    [UserId] [nvarchar](128) NOT NULL,
    [RoleId] [nvarchar](128) NOT NULL,
 CONSTRAINT [PK_dbo.AspNetUserRoles] PRIMARY KEY CLUSTERED 
(
    [UserId] ASC,
    [RoleId] ASC
)WITH (PAD_INDEX = OFF, STATISTICS_NORECOMPUTE = OFF, IGNORE_DUP_KEY = OFF, ALLOW_ROW_LOCKS = ON, ALLOW_PAGE_LOCKS = ON) ON [PRIMARY]
) ON [PRIMARY]
GO
ALTER TABLE [dbo].[AspNetUserRoles]  WITH CHECK ADD  CONSTRAINT [FK_dbo.AspNetUserRoles_dbo.AspNetRoles_RoleId] FOREIGN KEY([RoleId])
REFERENCES [dbo].[AspNetRoles] ([Id])
ON DELETE CASCADE
GO
ALTER TABLE [dbo].[AspNetUserRoles] CHECK CONSTRAINT [FK_dbo.AspNetUserRoles_dbo.AspNetRoles_RoleId]
GO
ALTER TABLE [dbo].[AspNetUserRoles]  WITH CHECK ADD  CONSTRAINT [FK_dbo.AspNetUserRoles_dbo.AspNetUsers_UserId] FOREIGN KEY([UserId])
REFERENCES [dbo].[AspNetUsers] ([Id])
ON DELETE CASCADE
GO
ALTER TABLE [dbo].[AspNetUserRoles] CHECK CONSTRAINT [FK_dbo.AspNetUserRoles_dbo.AspNetUsers_UserId]
GO
Step 2: Change the web.config connection of the identity model to match the following (do not re-use or change the edmx connection)
<add name="IdentityDbContext" connectionString="Data Source=MYSERVER;Initial Catalog=MYDATABASE;Integrated Security=True;" providerName="System.Data.SqlClient" />
Step 3: Set the connection in IdentityModel.cs
public class ApplicationDbContext : IdentityDbContext<ApplicationUser>
{
    public ApplicationDbContext()
        : base("IdentityDbContext", throwIfV1Schema: false)
    {
    }
    public static ApplicationDbContext Create()
    {
        return new ApplicationDbContext();
    }
}