The memorial currently exists at:

207 Main Street
Ridgefield, CT

This is where Branchville Rd (aka 102) meets Main Street (aka 35). You can see it on Google maps and Street View. If you were driving down 102, you would see it just ahead to your left when you met 35.

To this day, the location of the memorial is where Ridgefield's Memorial Day Parade begins. I'd like to thank Post 78 for providing this information in thier brief history:
http://amlegionpost78.org/history.html

In the early 1920's, American Legion Post 78 raised the money for the memorial. According to the plaque it was built in 1924, and on July 4th, 1925, the memorial was dedicated. According to the Connecticut Historical Society, George Rockwell didn't know who sculpted the memorial, but we do! I'll see if I can convince them to update thier site:
http://www.chs.org/finding_aides/ransom/105.htm

The Ridgefield Historical Society also has multiple pictures of the memorial from past times:

South Side:
http://ridgefield.pastperfect-online.com/34132cgi/mweb.exe?request=record;id=9137F174-B767-4DA9-94CE-906115193344;type=301

Memorial Day celebration, year unknown:
http://ridgefield.pastperfect-online.com/34132cgi/mweb.exe?request=record;id=47B20158-DD84-474D-A813-493619384580;type=301

American Legion Ladies Auxillary, with the memorial:
http://ridgefield.pastperfect-online.com/34132cgi/mweb.exe?request=record;id=4E82C28D-F2FA-415F-BB72-293133272380;type=301
L-r: Margaret Morrisroe, Hazel Rux, Mabel Crawley, ? Leary, Ann Crawley, Margaret Wallington, Mrs. (”Ma”) Cumming, Elizabeth Morganti, ?, Jane Bloomer, Luella Sterry.

Postcard with the memorial:
http://ridgefield.pastperfect-online.com/34132cgi/mweb.exe?request=record;id=02FB7A42-AD2F-4DFB-AF58-356154991522;type=301

Postcard #2:
http://ridgefield.pastperfect-online.com/34132cgi/mweb.exe?request=record;id=15A34D0D-3E70-47FB-A73A-323827536664;type=301

Postcard #3:
http://ridgefield.pastperfect-online.com/34132cgi/mweb.exe?request=record;id=9992F304-1039-454D-9FCA-355446667607;type=301

Civil War and WW1 Veterans at the memorial's dedication:
http://ridgefield.pastperfect-online.com/34132cgi/mweb.exe?request=record;id=9403244B-8153-49F1-B744-209071405730;type=301
Seated: Davis brothers James, Madison, and Hiram, veterans of the Civil War; standing: Rex Delacour, Harry E. Hull, Col. Schoeffel.