Watlington Parish councillor Steve Bolingbroke, who leads on the project, said the new housing developments in the west of the town would increase its size “substantially”, by 40%.
He said developers were required to provide funds for public art, so now the local authority has about £125,000 to spend solely for that purpose.
Bolingbroke said Hillier’s busts would reflect the built architecture of Watlington, which is largely brick.
“They are about a metre-high human head busts, mounted on steel plinths.”
Hillier said each of them explored a different aspect of “this unique place”, from the chalk stream to the diverse habitats of the yew forests on Watlington Hill.
The artist, who is currently working on the pieces in his studio in Northumberland, said he had mostly been inspired by “the rich intertwined communities that make Watlington the warm and welcoming place I have found”.
He added the sculptures were due to be installed in the summer.
Bolingbroke said one of them showed the moon shining through beechwoods, “which are characteristic of the Chilterns”.
He said the pieces by the two artists would be reflecting other aspects of the town.