The district has set aside 100,000 Kč ($4,700) in its budget this year to pay for a study that will determine the best location for the memorial. Prague 6 Mayor Tomáš Chalupa told The Prague Post his office will then follow that up by building the memorial itself, which he said will honor the 40th president of the United States as a symbol of victory over communism.

Reagan was "the most important personality that enabled the fall of communism" and is thus a key figure in Czech history, Chalupa said.

Reagan was in office from 1981-89. He gained a reputation as a staunch opponent of communism and socialism, and is often credited for helping end the Cold War peacefully by forging a close relationship with Soviet leader Mikhail Gorbachev.

"[Reagan's] policies helped the fall of communism. He can be considered the originator of the defeat of communism," Prague 6 spokesman Martin Šálek said.

Plans for the memorial were part of Chalupa's platform for the Civic Democratic Party (ODS) in last October's local elections.

The memorial itself will cost an estimated 1-2 million Kč to build, Šálek said.

Though the municipality's reasons for lauding Reagan are clear-cut, exact plans for the memorial are still in the early stages.

A contest still has to be held to determine the site's appearance, and "it is too early to say" how it will depict the late president, Šálek said. "We are still at the very beginning of the process."

Prague's Hlavní nadraží is also known as Wilsonovo station in honor of former U.S. President Woodrow Wilson, and the roadway in front of the station is also named in his honor.

But Chalupa said there is no strong precedent of honoring American figures in Prague any more than figures from other countries. For example, Prague 6 already features a memorial to Venezuelan freedom fighter Simon Bolivar, Šálek said.

After fighting Alzheimer's disease for a decade, Reagan died in June 2004 at the age of 93.

Now, over two years later, the time is right to commemorate the former president, Šálek said.