The move comes after council leader Iris Johnston held talks over the airport with the minister in London today (Thursday).
Speaking at the cabinet meeting, Cllr Johnston said: “The council cannot be expected to take a leap of faith- we have to be mindful.
“We cannot risk council tax payers’ funds and we have to have an indemnity partner that covers all the costs.”
Around 100 airport campaigners stood outside the local authority’s offices in Cecil Square, Margate before and during the meeting.
Conservative group leader Bob Bayford said: “People cannot seem to understand why the only people who are not in favour of a CPO is us [Thanet council]
“The people are looking to you [Cllr Johnston] to go for this- they’re looking for leadership and I do not think up until now that has really happened.”
All councillors will now debate the wider issues surrounding the Manston airport site at an extraordinary meeting scheduled to take place on December 16.