Northern Ireland's biggest council is considering dipping into the public purse to help ensure the £90m Titanic Signature Project will be built by 2012 after it struggled to secure the final funding needed.

However, some members have voiced fears that the millions proposed to be taken from the public purse could be invested into a "potential white elephant".

The public/private project was to be at the centre of the redevelopment of the Titanic Quarter, promoting the city's maritime history.

More than two-thirds of the funding for project had already been pledged by the Government, along with Titanic Quarter Limited and Belfast Harbour Commissioners.

But it failed to reach the final funding shortlist for the Lottery's Living Landmarks £25m Fund in October 2007.

Now project promoter Titanic Quarter Ltd has approached the council to use taxpayers' cash to help make the project happen in time for the 100th anniversary in 2012.

The Titanic signature project is designed to feature exhibitions and rides in a glass fronted building twice the size of Belfast City Hall.

Mike Smith, Chief Executive, Titanic Quarter Ltd, delivered a presentation to a special meeting of the policy and resources committee this month.

In a statement to the Belfast Telegraph, the council confirmed it agreed that "consideration should be given to investing £10m in the project, subject to a full due diligence review of the issues raised by members".

A final decision on whether to invest the cash is expected to be taken at a full Belfast City Council meeting within two months.

Mr Smith said: "Recent discussions with Belfast City Council have been both positive and supportive and Titanic Quarter Ltd is confident that the remaining funding can be secured to allow the construction of this iconic project to commence in 2009 and be completed in the first quarter of 2012."

However, SDLP councillor Pat McCarthy said extra care should be taken before millions of pounds of ratepayers' money is handed over to the development.

"I think we have to exercise caution and not just jump at it," he said. "Terms and conditions need to be examined carefully. This is £10m of public money we are talking about.

"I just think we need to be very careful at how we spend ratepayers' money and not invest in what could be a potential white elephant."

But Ulster Unionist Lord Mayor of Belfast Councillor Jim Rogers backed investing public money into the huge project.

"To me it will be public money well spent, we are custodians of the public purse and we are not just going to throw money at a project that we think will be a white elephant.

"But I think in 20 or 30 years people will look back and say the city fathers showed good leadership in a project that will help transform Belfast. "

"I have always advocated, not just as Lord Mayor but as a public representative, that council needs to engage more with the private sector."