The Loanhead memorial is to be restored and refurbished by a local company.
The historic sundial, which commemorates a visit by the Queen to the town 50 years ago, was the subject of a police investigation in May when it was stolen from its plinth.
It was mysteriously returned two weeks later.
The ornate sculpture has sat in the park since 1962 when it was gifted to the community by Provost George Hunter.