DALLAS — An iconic piece of the Dallas skyline needs more repairs, and they'll be costly.
The Dallas City Council on Wednesday approved up to $357,000 in repairs for the Pegasus sign, which sits atop the Magnolia Building in downtown Dallas.
The large derricks that hold up the flying red horse have become corroded, and city officials worry strong winds could cause the 15-ton fixture to fall.
Crews began working on repairing the Pegasus last year after the city paid the firm Phoenix I Restoration and Construction $295,000 to assess the situation.
In March, the city received an engineering report from Phoenix that "cited the urgent nature of the repairs," said Benjamin Espino, the assistant director of the city's arts and culture office, which maintains the Pegasus and other city art property.
Councilmember Adam Bazaldua questioned whether the city's arts office considered taking the Pegasus down, instead of going through costly repairs.
Espino said the city's options were limited after receiving the engineering report.
"At this point, we did not really have any other options," Espino told the council on Wednesday. "It's really at a state of corrosive disrepair. So we need to move forward, since it is a city asset and a very important part of the public art collection."
Bazaldua also asked Espino if the Magnolia Hotel -- which features the Pegasus in its marketing and on its website, including a statue of the red horse in its lobby -- contributed to the cost of the repairs.
Espino said the hotel, which was purchased last year by the hotel company NewcrestImage, is not contributing to the repairs. Instead, the city and the hotel are having "preliminary conversations" about a future partnership to help maintain the Pegasus, after the city pays for the repairs.
"So another sweet deal for a corporate entity?" Bazaldua asked Espino.
"We're looking forward to conversations with them to see about a private-public partnership to help keep this icon," Espino responded.
Hotel officials did not immediately respond to WFAA's request for comment.
Bazaldua proposed putting the issue on hold until the council could consider other options, but the council ultimately voted to approve the funding for the repairs.
Councilmember Tennell Atkins argued that the repairs, despite the costs, are worth it due to the safety risk of the Pegasus falling.
"I would feel sorry for myself if something happened," Atkins said during the council meeting. "We're sitting here talking about $300,000, and we're talking about a billion-dollar budget. It's crazy."
The current Magnolia Pegasus, which is now surrounded by scaffolding due to the repairs, was revealed on New Year's Eve 1999, but it's been a mainstay in Dallas, and on the Magnolia, for more than 80 years.
The original fixture was erected in 1934, when Magnolia Oil Co. owned the building, which was Dallas' first skyscraper.
The structure's neon lights eventually failed in 1997, and it was taken down and refurbished to its current state, where it sits outside of the Omni Hotel downtown.
The new Pegasus at the Magnolia, while much newer than the original, remains an historic landmark, according to the city.