The city has announced plans to restore the famous statue of William Penn standing at the top of City Hall, which will lead to the closure of the observation deck for three to four weeks in August.

Margot Berg, the city's public art director, told that the sculpture, which was last restored in 2007, needs to be maintained about once every 10 years.

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"It's very symbolic for Philadelphia, and it's important for us to maintain so visitors and residents for generations to come are able to enjoy seeing the piece and visiting the observation deck and looking up at him," Berg was quoted by

Funding for the restoration of the 124-year-old statue will come from three sources: $125,000 in private money, $100,000 in city money and a $25,000 National Endowment of the Arts grant, announced on Tuesday, The Associated Press reported.

Moorland Studios of Stockton, New Jersey, will perform the conservation, according to the NEA, which added that the Philadelphia Office of Arts, Culture and the Creative Economy would provide photos and updates about the process via social media.

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During the restoration, the statue, sculpted in 1892 by Alexander Milne Calder, will be washed with detergent, scrubbed, have corrosion patched up and receive a wax coating, added.