The erection of the sign on the corner of Hampden Avenue and William Street last Thursday marked the conclusion of a five-year project headed by residents who wished to tell the unique stories behind their historic suburb.

But just three days later, project enthusiast Peter Morris drove past and noticed the sign had been ripped out and taken away.

"I cannot believe someone would think it is okay or funny to steal one of them," he said.

"This is a thoughtless act which shows a lack of consideration for all those who put in the time, effort and money to see this project realised."

The heritage sign was one of 26 to have been installed in from of historic local landmarks as part of a $120,000 project by the North Wagga Residents' Association.

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Each sign is believed to have weighed about 70 kilograms and to have been anchored into about 30 kilograms of concrete.

"Removing the sign would not have been an impetuous act as the metal signs are not small or light," deputy mayor Jenny McKinnon said.

"I think it's incredibly disappointing and it's shocking really that such a fabulous community-based initiative ... has been shown such disregard by somebody."

Wagga City Council had committed about $20,000 to the project but the remaining $100,000 was generated almost entirely through donations from local residents and businesses.

Mr Morris and his wife, local historian Sherry Morris, had spent nearly five years gathering the information and funds for the heritage project.

Cr McKinnon urged anyone with information relevant to the theft of the sign to come forward.

"If anybody knows anything about what happened here please report it to police as soon as you possibly can," she said.

Mr Morris said he had received assurances from the council they could replace the $1300 sign.

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