Plans have been finalised for a new car park for Union Wood and a walkway linking Ballygawley to the lake.
The project will consist of 40 additional car parking spaces and direct access to the Sligo Way.
A picnic and seating area will also be developed.
The project will consist of seating, cycle stands, landscaping and 40 additional parking spaces.
Local Fine Gael Councillor, Thomas Walsh says a study will also be carried out to see how viable a floating boardwalk would be over part of the lake, similar to Drumshanbo in Co. Leitrim.