Newtownabbey Borough Council has agreed, in principle, to work in conjunction with Three Mile Water Conservation and Angling Association in developing a trout fishery at the dam.
The decision was made at Monday night's meeting of the council's Development Committee after members heard a presentation by Paul Johnston, a consultant tasked by the angling club to outline its proposals for Mossley Dam.
Mr Johnston revealed the aim was to open the dam as a seasonal brown trout fishery between the months of March and October each year.
The club, whose members he stated had a "good, sound track record in river management," would manage the resource.
The fishery will not just be an angling facility for the local community, but also provide angling courses for both children and adults.
Furthermore, it will be an educational tool for natural history and the promotion of environmental awareness, as well as providing a forum for competitive angling events.
Mr Johnston said the club's plans had been well received locally, with 1,000 residents signing up to a petition in support of the scheme.
Furthermore, visits by club members to the borough's primary, secondary and special schools had met with an extremely favourable response. Pupils were enthusiastic to learn the skills of angling from the club's six fully qualified instructors, and to utilise such a facility.
Mr Johnston told members that other Councils had enjoyed enormous success with similar projects, including Craigavon with Lurgan Park Lake, Loughgall Country Park in Armagh, Belfast's Waterworks, and the Park Lake in Dungannon.
Club members, Mr Johnston revealed, were hoping to enter into negotiations on a management agreement with the Council on their proposals, and if successful, to have the fishery up and running by March 2009.
A development plan, compliance with disability legislation and forays into the various options for grant assistance were also required.
Speaking after the meeting, John Webster, chairman of Threemile Water Angling Club said he was delighted with the progress made with the Council.
"They regard us as environmental keepers for the Threemile Water River and the opportunity to assist them in an indigenous brown trout fishery controlled appropriately and managed jointly will give a new impetus to the Mossley Mill Dam," Mr Webster told the Times.
"The council's dam at Mossley Mill is one of the best examples of a mill dam in the British Isles and, having previously been a fishery for a great number of years during its operation as a working mill, it seems fitting that in this, its 50th anniversary year, the council has shown wisdom in exploring opportunities to develop the sustainability of the environment of this excellent piece of water.
"We look forward to developing a good, practical working relationship with the council in helping them manage this fishery in the best interests of the wider community."
Concerns were expressed at the meeting about the impact anglers might have on the calm ambience at the Mill, and also on the biodiversity of Mossley Dam - particularly on the delicate balance of the ecosystem there, which includes swans and ducks. The potential problems associated with discarded nylon were it to be discarded by anglers, was also flagged up.
However, on the whole councillors were positive about the club's visionary proposals, with councillors Ken Robinson, Jackie Mann and Nigel Hamilton particularly supportive, while at the same time stressing to doubters the huge emphasis that the club places on conservation.
Mr Robinson commended the club on its excellent work to date on the Three Mile Water River which thanks to members' efforts, he stated, had been rejuvenated and attained salmonoid status, and with that, the highest level of protection.
He said a fishery at Mossley Dam would provide a "cross-community facility" in "a neutral situation" and "teach young people how to enjoy a sport out in the fresh air, while giving them a chance to observe the complex chain of life that exists at the Dam of fish, insect and plant."
Alderman Nigel Hamilton remarked: "All the hard work which has been jointly explored by both the council and the angling club has finally come to fruition. Whenever the council officers proposed a budget of £200,000 to develop the mill dam, in excess of 80 per cent of that money would have gone towards pedestrianising the banks of the dam, not for anglers, but for the wider community and biodiversity.
"The actual cost for developing angling on this trout fishery is minimal and a significant proportion of cost will be in ensuring that proper access is made available for disabled anglers.
"We now will be able to complete this cost-effective aspect of the Mill complex and return the dam to one of its traditional uses as a traditional brown trout fishery.
"It is my expectation that good governance will be managed jointly by council and the Three Mile Water Angling Club which has the support of other angling clubs in the area, to progress with this project. The sustainability of this fishery and its restocking will be largely down to the good management of the Three Mile anglers who have agreed to restock when required.
"The council are particularly keen to develop the wider community use for young potential anglers and other members of the community and we look forward to this development and the council's particular interests being achieved through this partnership, which will not only benefit the council and anglers but is a valuable asset for the wider community in Newtownabbey."
It was proposed at the meeting that the angling club and the Council work together to develop a small fishery inside the budget allocated.
A report to progress the matter is to be compiled by the Council and club working in close conjunction, which will also give an indication of avenues for funding assistance.
The proposal was put to a vote at the meeting, with 10 councillors voting for and two abstentions.