"We think it's a great opportunity for all those people to get together and put something back into the town that they've had so much to do with."
The statue, along with the council's planned improvements in the square, would have a positive effect on business in the area, he said.
"Hopefully, it will get people to stop in Carterton rather than driving on through - and hopefully that will be good for business.
"It's a good opportunity to remember the guy that we can thank for being Carterton, if you like."
And so far response to the project had been positive, Mr Renall said.
Construction of the 1.8 metre bronze statue will take place in Auckland and will take between three to six months. It is hoped to be completed by June.