For an updated version of this story, including a look at financing the project, click here.

CLEVELAND, Ohio -- The Cleveland Browns Wednesday released their $120 million vision for renovations to the city-owned FirstEnergy Stadium –-- including a new scoreboard, audio equipment and physical changes that would allow fans to move about more freely.

The two-year modernization plan would be completed during the next two off-seasons.

In the first year of the proposed modernization, the Browns would install two video boards that are nearly three times the size of the current boards. The proposal also calls for LED video boards, which would show stats, scores and other information.

The announcement was made at a press conference this afternoon at FirstEnergy Stadium featuring statements from team owner Jimmy Haslam, CEO Joe Banner and President Alec Scheiner.

"By 2015 we're going to have a place that's dramatically different to watch football," Haslam said at the press conference.

Banner said that the stadium capacity, currently just over 71,000, will be just over 68,000 when the proposed changes are complete, and that the changes will improve the fan experience.

"Currently, we have the lowest percentage of seating in the lower bowl than any stadium in the country," Banner said. "Some of the upper-bowl seats will become lower-bowl seats."

Read Leila Atassi's earlier post for more background on the announcement and the city's role in the renovations. And check back soon for more information on the renovations and reaction.