At todays full council meeting the authoritys councillors, minus a number of Labour and independent members who left in protest following an earlier point of order dispute with the Mayor, backed the plan.
Scarborough has played host to a finish of a race stage in each of the first four years of the event.
Speaking after the meeting, the councils portfolio holder for leisure, Cllr Martin Smith (Con), said:
When you look at the economic benefits it brings to the borough it is fantastic and you get all the communities joining together to get involved, which is great.
The mens race will take place over the full four days with the womens race taking place on 2nd and 3rd.
Organisers Welcome to Yorkshire estimate that more than 2.6 million unique spectators watched the 2018 race.
The organisers also found that the estimated value to the regions economy was more than £97 million.
This, however, appears not to be the case, with the council saying that there currently is no organiser in place for the event.
A statement from Scarborough Borough Council said: “The reference to us confirming dates for next year is untrue.
“We terminated the clubs licence to race last year and that hasnt changed. We are still actively exploring opportunities with other parties to continue the venue’s important road racing legacy.”