A spokeswoman said the cash, agreed by the local authority last week, would pay for more contemporary, lower maintenance planting schemes that would create greater biodiversity through areas of meadow. Funds will come from section 106 agreements, grants and maybe sponsorship.
Other improvements will include a new café pavilion, relocated children’s play and the creating of a "sports zone" with updated sports facilities and new activities. Paths and cycle routes would be improves and the main park entrance would be opened up.
Councillor Natalie Bramhall said: "Memorial Park is an important green space in the town but is under-used and is in need of updating. We want to create a popular and contemporary urban park that offers the type of facilities that residents and people who work and shop in Redhill want."
Reigate & Banstead Borough Council aims to set up a Memorial Park user group and is firming up plans for the sports zone, which could include tennis courts, a new skate park, climbing wall and outdoor exercise equipment.
"The improvements also aim to reduce the fear of crime by improving lighting, widening paths and reducing shrubbery to provide clearer sightlines. To reduce the environmental impact of the project, sustainable construction techniques and materials will be used where they can be."
A planning application is expected to be submitted in spring 2013 and contractors appointed in summer with a view to starting work on site next autumn. The project is expected to be completed in summer 2014.