The group are seeking to raise £100,000 to create a seven metre high sculpture depicting a mythical kelpie barging into the washed away footbridges.
If given the appropriate permissions they plan to site the artwork on Battery Street, overlooking the River Annan and Annan Bridge.
Thornhill based blacksmith Nate Robinson has been tasked with bringing the idea to life.
History Town joint development officer Gail McPhillips was in attendance at Annan Community Council’s meeting on Monday night.
As well as the naming competition, a sculpture progress update was provided.
Gail said: “The naming competition will be open to everybody. And the winner will receive a unique piece from Nate (the sculptor).
“The idea is that the community feels like they are part of the process.
“(The sculpture is) a fair size. It will be quite spectacular and it really will stand out. We hope it will attract visitors.
“To date, we have brought in about £35,000. Once we have the remaining £65,000 then it’s all systems go.”
Gail added that fundraising was going really well, some individuals had planned fundraising events, while community groups and local businesses had also donated.
It was also explained how the community engagement sessions with the Short Life Working Group (SLWG) would be continuing until the end of February.
Visits had also been planned to all of the schools in Annan as well as Brydekirk and Eastriggs.
Annan community councillors were impressed with the design and they agreed to offer support when it comes to the planning stage.
- FORMS to enter the naming competition are available now from the Annandale Observer office on 96 High Street or on the Annan History Town website. Entries will close on Friday December 20.