DALLAS - The future of Reunion Arena is up in the air.

Monday, the economic development committee is coming together for a plan of action. City leaders hope to be a step closer to knowing what to do with the 30-year-old building that has been losing a million dollars a year since the American Airlines Center came into play.

While Reunion Arena once was at the top, hosting the Big 12 Conference and U.S. figure skating, it's now skating on thin ice.

"We're losing about a million dollars a year just in operational versus revenue costs," said council member Ron Natinsky.

So, Ron Natinsky, the economic development committee chairman, said he thinks he may know the future of the area.

"Ultimately, I think Reunion Arena is going to come down," he said.

The arena has been around since 1977.

"Personally, I hate to see it torn down," said Deputy Mayor Pro Tem Dwaine Caraway. "[I would] love to give it another shot."

The options for Reunion include turning it into an exhibition space, theater, parking garage, business and shopping complex or a gambling casino.

"This is a mark here in Dallas," Caraway said. "[It's] a part of our history, and one that we should try to make sure that we maintain."

While many city leaders are leaning towards selling Reunion, the city's hands are tied since whoever buys it is still under the same restrictions, which involves a non-compete clause with American Airlines Center.

"You can't build a facility that holds over 5,000 patrons, and you have to give AAC right of first refusal," Caraway said.

Even the option of reducing the Reunion Arena to rubble comes with a hefty price tag of $5 million.

The economic development committee will hear from staff members Monday, and plans to make a decision to make a decision on what to recommend to city council.