The council is working alongside the Prince's Regeneration Trust (PRT) and local employer W & J Knox Ltd to draw up plans to redevelop Stoneyholm Mill, a 19th century Category B-listed mill.
The organisations are keen to involve local residents in the regeneration plans and are hosting a special public meeting in the Walker Memorial Hall from 6 pm - 7.30pm on Wednesday, 20 September.
At the meeting, Dr. Susan O'Connor, Senior Projects Advisor at PRT, will talk about how the community can play a key role in the project by setting up a building preservation trust to help save the Mill, and about the activities which could act as a catalyst for further local regeneration.
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Dr O'Connor said: "We are delighted to be helping to safeguard Stoneyholm Mill. With a bit of imagination, enthusiasm and passion many historic buildings can become real assets to local communities and create job opportunities and a central point for community activity.
"Realising the full potential of Stoneyholm will provide a valuable community asset and we hope it has a catalytic effect by encouraging further regeneration in the local and wider community with positive benefits for residents and businesses."
Cllr Alex Gallagher said: "We are delighted to be working in partnership with The Prince's Regeneration Trust to kick-start the regeneration of the former industrial landmark."
The scheme is part-funded by the Scottish Government and European community LEADER Programme 2014-2020.
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