The plan would see repairing roads at the park, building a new bridge over the Mārupīte river, as well as improving accessibility, adding bicycle stands, new benches and trash cans.
Renovation is to conclude by 2021, the committee said.
The second-largest park in Rīga, Uzvaras is chiefly associated as being the location for May 9, the annual Soviet Victory day when Latvia's large Russian minority gathers by the thousands to mark the end of World War II and the role of the Soviet Union in victory over Nazi Germany.
The park houses a Victory Memorial to Soviet Army, which ethnic Latvians on the other hand associate with the 1940 Soviet occupation of Latvia. The ultra-nationalist group Pērkonkrusts tried blowing the monument up in 1997 but two members of the group died in the botched attempt.