The "ageing and degraded" Greta West Weir is being replaced after a lifespan of at least 72 years.
North East Catchment management Authority has a photograph of the weir from 1947 and can only say that it was constructed sometime in the first half of the 20th century.
The current structure is becoming degraded and no longer meets requirements for safe operation.
Now NECMA has received funding from the Victorian government to create a new design for the weir, which is located on the 15 Mile Creek at the end of O'Malleys Road.
Rural drainage project officer Phill Falcke said NECMA wanted a design that could be shovel-ready, and it would apply for another government grant to complete the works.
"The weir is really important to the local community," he said.
"It underpins the success of farm businesses, prevents environmental degradation, and is loved as a local swimming and fishing spot."
Another community meeting will be held at Greta-Hansonville Hall on November 25 at 7pm.
The design process is expected to be completed by December.
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More than 30 community members attended a meeting in September, where they discussed a proposal for the weir to maintain the current water diversion down One Mile Creek and provide continued water security for farm businesses.
"The new design has to uphold or increase the benefits to community already provided by the current one, and that's why we're relying on community representation, to ensure those benefits continue into the future," Mr Falcke said.