And a steering group is going to be set up to make decisions on where the cash should go.
Last year SSE Renewables pledged £540,000 to Moffat in return for using the town as a HGV route for their Clyde Extension Windfarm.
It was expected that up to 40 HGVs and LGVs would pass through the town centre six days a week, excluding Sundays, between 7 am and 7 pm for up to two years.
And £540,000 compensation was offered by the developers to cover any traffic disruption during the period.
However, when construction work kicked off for the windfarm last summer 2015, little impact was felt in upper Annandale as a result of alternative routes often being used.
But despite the changes, the financial offer still stands.
The community are now tasked with creating a steering group and Moffat and District Community Council chairman Bob Opray is appealing for locals to come forward and get involved.
He said: “We need to get a good mix of people to join so we can be sure that this money goes towards improving or creating something that Moffat people really want.
“This isn’t about giving £1000 to one group and £1000 to another, it’s about doing something really quite special.”
A spokesperson for SSE said: “As part of the community benefit programme for Clyde Extension Windfarm, SSE has made a £540,000 community fund available to the Moffat area.
“Working with our partner Foundation Scotland, we are engaging with Moffat Community Council and other key stakeholders to develop, and consult on, a community action plan, which will help decide an appropriate grant-making structure for the fund. This activity is expected to be completed later this year.”
Anyone interested in joining the group can find out more by contacting Bob Opray on 01683 220649 or email [email protected].
* How do you think the money should be spent? Email your suggestions to our reporter Amanda Kennedy at [email protected].