The National Asset Management Agency is seeking to cut section 106 costs for the Odeon West End site.
Nama, which holds the Leicester Square, WC2, development site following the collapse of owner Steamboat, is seeking to split and delay around £2m of s106 contributions.
The so-called bad bank is keen to begin development of the site to keep its planning permission alive. The consent is set to expire on 31 October.
Steamboat was given the go-ahead to turn the cinema into a 215,000 sq ft Make-designed mixed-use scheme comprising a 245-bedroom hotel, 33 flats and a two-screen cinema in 2008.
Among the changes being sought is the ability to split a £1m environmental improvements contribution. The full payment had been due prior to commencement, but Nama is proposing a £500,000 contribution once development begins, with the remainder paid either 12 months later or on first transfer of the land, whichever is earlier.
The owner also wants to delay a £730,000 affordable housing payment from prior to the start of work on site to just before occupation.
The proposals have been broadly recommended by the council, but are due to go before the committee next week.
The site is up for sale through Knight Frank and CB Richard Ellis and is expected to fetch as much as £100m, provided the consent remains in place.
Allsop was appointed LPA receiver to the site in April.
