The Dallas City Council has agreed to spend nearly $360,000 to fix up the Pegasus sign perched on top of the downtown Magnolia Hotel.
On Wednesday, the council was warned the sign is liable to fall because of corrosion on the steel base which is nearly 90-years-old.
Dallas City Manager T.C. Broadnax says the kind of fierce winds we've seen lately make this a top priority.
Although the base is old, this sign is a replacement for the original that was installed on the headquarters of the Magnolia Oil Company in 1934.
Just over 20 years ago, the building was converted into a hotel. When the new sign went up, the old one was restored. It now sits at street level on South Lamar in front of the Omni Hotel.
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