The New Jersey Historic Trust is providing a $750,000 grant to help refurbish the 109-year-old carousel at the Casino Pier arcade in Seaside Heights.
The money will go toward restoring the 1910 Dr. Floyd L. Moreland Dentzel-Looff Carousel, but the funds won't be made available until the grant is approved by the state Legislature and receives Gov. Phil Murphy's signature.
The carousel was shut down in early April and will be dismantled later this month.
The ride will be temporarily moved into storage, and its mechanical parts will be inspected.
Seaside Heights Mayor Anthony Vaz says he hopes the refurbished carousel is running by 2021.
AP wire services helped contribute to this report.