Before European colonization, Iroquois Indians inhabited the area around the lake. The name "Otsego" is from a Mohawk or Oneida word meaning "place of the rock", referring to the large boulder near the lake's outlet, today known as "Council Rock". It is a large boulder whose top is above the water's surface and can be seen from shore. At low water, the oval rock rises approximately above the water, and is about long by wide. It is believed to have been a meeting place for Native Americans prior to the American Revolutionary War. A small parcel of land near Council Rock was presented to the Village of Cooperstown in 1957, on the condition that it remain open to the public as a park. The park, today known as Council Rock Park, also includes a set of concrete steps leading to a lake-level terrace that were built in 1937.