I am trying to create an mac application in XCode that has some of its implementation in a dynamic library.
I added a new target (dynamic library) to my XCode cocoa
I believe you are not copying the dynamic library into the application bundle at compile time.
The application is looking for a point in the filesystem, but it only does this after not finding it inside the application bundle. You need to use the otool command to modify the binary after it is compiled (using a build script).
You will find you answer in this previously asked question: How Do I Create a Dynamic Library in Xcode.
Good luck.