Mayor Wendy Waller has paid tribute to Casula businessman, visionary and philanthropist Bob Ingham's "significant contribution" to Liverpool.
The racing industry stalwart died at the age of 88 last week, surrounded by his family.
"Bob and his brother Jack have made a significant contribution to Liverpool, the south-west Sydney region and the wider Australian community for more than 60 years and I have no doubt this legacy will live on for generations to come," she said.
"They turned the family's chicken business in Casula into a household name in Australia through Inghams Enterprises and their thoroughbred racing and breeding operation was the largest in Australia at one time, with racing champions of theirs including Octagonal and Lonhro.''
Ms Waller also praised his vision to establish an independent health and medical research facility in his hometown.
"Bob's vision was realised when the world-class Ingham Institute for Applied Medical Research was opened in 2012,'' Mayor Waller said.
"Today, the institute is home to more than 350 researchers who are leading advanced medical research and breakthroughs to save people's lives and improve outcomes.
"I have no doubt that the Ingham Institute for Applied Medical Research and the Liverpool Innovation Precinct will continue to make a difference in health, research and education in the future and it's thanks to the support of people like Bob Ingham.
"On behalf of Liverpool City Councillors and staff, I wish to extend my condolences and good wishes to his family and many friends."
Werriwa MP Anne Stanley said the area has lost an "iconic figure". "I am personally saddened by the news of Bob's passing. He was a kind man who cared about his community," she said.
"The Ingham name has been synonymous with Liverpool for more than a century.
"By far the greatest legacy will be the fulfillment of Mr Ingham's vision for a world-class medical research facility in the region he was born and raised. In its short history, the Ingham Institute has attained a reputation for world class research, delivering enormous benefits to the people of Werriwa."
The family said in a statement: "He was a pioneer and visionary of his day whose work and legacy will live on for many years. His hard work, commitment and philosophy of 'doing the right things and doing things right' underpinned everything he did. He made us very proud. We will miss him greatly."
Mr Ingham's wife Norma died 10 years ago.