Additional funding is expected to be pumped into replacing a city cinema with a new community hub and aparthotel.
City council cabinet members are recommended to approve the extra sum of budget money towards "regeneration" of the Odeon cinema in George Street.
This comes after the council approved a £37million scheme in July last year which would turn the top five building floors into hotel apartments with en-suite kitchens.
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An agenda paper states: "This regeneration project will involve the creation of a new building to be leased out to support the city centre and to generate additional revenue income for funding council services."
Council officers say the appointed design team have progressed further detail of the scheme design as a result of "survey work and engagement with stakeholders".
A reason highlighted for the budget increase is uncertainty over how many rooms will be incorporated into the new building.
The additional funding is being approved to "give security to the council's appointed development partner and enable maximum benefits to be explored".
A decision is expected to be made on the recommendations on Wednesday next week.
Odeon's lease of the building runs out in September 2024.
The cinema is the third Odeon to close in Oxfordshire, following Banbury and the 99-year-old Magdalen Road theatre.
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