Houston City Council approved the Astros Golf Foundation's proposal, which includes $13.5 million in private funding, for the renovations on Wednesday.
The renovations are also being funded by Houston Astros owner Jim Crane and supported by the Memorial Park Conservancy.
The proposal includes a commitment from the foundation to pay an annual tournament fee of $250,000 to the conservancy and $750,000 to the Houston Parks and Recreation Department.
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The plan is to upgrade the park to the Professional Golf Association (PGA) standards.
The golf course's makeover is expected to be completed in time to begin hosting the Houston Open Golf Tournament there in 2020.
If you plan to get in one more round of golf at the course, you'll have to hurry. The last tee time is 4:30 p.m. Wednesday.
It will then close for a 10-month renovation.
The driving range and Becks Prime will stay open.
Plan developers plan to keep the fees the same for golfers once the course reopens.
The Houston Open was played at Memorial Park in 1947 before returning there from 1951 to 1963.
The tournament now takes place at the Golf Club of Houston in Humble.