According to the Smithsonian Institute The fountain was erected in memory of Albert G. Egbert (d. 1896), a local physician and one-time member of Congress. It has undergone many repairs over the years, including basin repairs (1928 and 1995); repairs made after a 1929 wind storm broke off Venus' arms and the foot of the maiden facing West Park Street); and repairs made in 1979 under efforts spearheaded by the Franklin Jaycees. The fountain was repainted in 1995.
It's captured many a photographer's eye, including this one from time to time.