A £100,000 windfall from housing developers is due to be spent on public art in South Woodford.
The cash is part of a social contribution payment negotiated with Telford Homes, Higgins and Regency who have all built flats in Church End ward in recent years.
The Guardian understands this comes on top of the £100,000 which Telford Homes contributed to Redbridge Drama Centre in May.
And now the debate begins about what people would like to see built - with many citing the bridge over the A406 North Circular as the obvious place.
Matt Stephenson, 24, of Walpole Road in South Woodford, said: "I think they should erect a statue to Iain Duncan Smith.
"It would be very exciting for South Woodford to honour him because he led the Conservative party with such vigour, he deserves to be recognised for what he has done.
"Although I think it shouldn't be made of gold, that might be going too far and he probably wouldn't like that."
Roding ward Cllr Felicity Banks said: “One of the ideas that has been put forward was for something on the bridge over the A406 and I suggested a clock.
“I wouldn't want anything that's going to distract drivers like an Angle of the North.
“Various people will be consulted mainly in Church End ward about what they would like to see.
“People said that they wanted something artistic but with a practical purpose too which is why I came up with the idea of a clock.”
But not everyone is determined the cash should be spent on art.
Church End ward Cllr Hugh Clever said: “I think we need to decide if we want to use the broader terms of the agreement which means the money can be used to enhance the area.
“This might be a better route than a piece of art that might look nice but is only aesthetically pleasing. But the decision will be down to the council planning officers.”
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