The city council voted on that decision Tuesday.
Queen Mary in danger of capsizing if millions in repairs aren't made
Queen Mary in danger of capsizing if vessel isn't repaired soon, report finds
Long Beach is using part of the money to plan out the repairs needed to reopen the historic ship.
The city recently regained control of the ocean liner for the first time since 1978.
MORE | Queen Mary operator files for bankruptcy
Queen Mary operator files for bankruptcy