The decision, which followed a specially convened committee meeting on Tuesday 16 December, is expected to receive the full ratification of council at its next meeting in January.
The significant investment in the £97 million project will create 600 much needed construction workers' jobs and 250 permanent jobs for Northern Ireland.
Councillor Diane Dodds, Chairperson of the Strategic Policy and Resources Committee, said: "The decision by Belfast City Council to invest in this innovative project confirms our commitment to the development of the city for today's generation and for those yet to come.
"By doing so, we are helping to provide employment for the construction industry, which has been badly affected by the economic downturn.
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"The benefits do not stop there, however, as the Titanic Signature Project is expected to attract up to 400,000 visitors to Belfast, who will spend an estimated £30m each year, boosting our local economy.
"It is only fitting and right that the Belfast City Council gets involved in bringing the Titanic story back to its birthplace in time for its centenary anniversary.
"This is Belfast's moment. Our unique history and a future full of promise have come together to create a city bursting with energy and optimism.
"New things are happening, there is a determination to keep what is good and change the things that could be better. A vibrant mix of old and new is a visual proof of a dynamic city reinventing itself."
Councillor Dodds also welcomed the development as a boost for the citizens of Belfast as well as those further afield.
"Belfast has gone from strength to strength as a must-see destination for tourists throughout Ireland and all over the world. This project will give them yet another reason to visit this flourishing city and I am delighted that Belfast City Council is getting involved," she added.
"Our support for this project is in keeping with Belfast City Council's proud past of providing investment that becomes a catalyst for major improvements to the city. Our action today will leave a positive legacy for future generations."
See: Developer And Planner Co-operation Lauded By Wilson
(JM)
