CLEVELAND, Ohio -- The Cleveland Browns announced on Monday that FirstEnergy renovations are on time and on budget.

Browns President Alec Scheiner lead a hard-hat tour of FirstEnergy Stadium where reporters got a glimpse of Phase I of the $120 million two-year renovation project . Scheiner stated the completion of the construction will be done in time for the first home preseason game on Aug. 23.

The construction will be completed in two phases , with the second phase taking place next year.

• Two new video boards, nearly triple the size of the old units

• LED video boards and ribbon boards around the stadium

• Completely new audio system

• Increased lower-bowl seating capacity in the corners

• Two new escalators at both east and west gates

The stadium would lose about 3,000 seats to make way for the giant scoreboard – dropping capacity to about 68,000. But about 2,000 upper-bowl seats will move to the lower deck, giving more fans a chance to sit closer to the action. The historic Dawg Pound in the lower bowl will remain as it always has, though a handful of seats considered part of the upper Dawg Pound will be lost.

The Daktronics video boards will be the NFL's fourth-largest in 2014 and will triple in size from last year's boards, which is equivalent in size to 645 60-inch HD TVs. They are also 32 feet lower and 56 feet closer to the field.

Next year, for the second phase, the Browns plan on improving general-admission concession areas, with locally-based offerings. So-called “premium areas” of the stadium would see upgrades, as well, including refurbished club seats and suites and more top-level entertainment.

Some quick facts about the construction so far include over 200 workers on-site and removing more than 5.5 million pounds of materials. Already have installed more than 2 million pounds of steel and poured more than 13.3 million pounds of concrete.