What Ed said.
The cost for the addition is not all that big for RIT, which according to the President's recent presentation, survived the last year very strongly financially, and the facilities are much needed for all the sports even when hockey moves out.
Also, it is worth it for even 2-3 years, which is probably the nearest we would see a new arena. Even if all the money fell from the sky tomorrow, construction probably wouldn't start for close to a year (unless the site and plans happen to already be there) and then it would probably be a year+ to finish properly. That would be the 12-13 season at best, giving us at least two full seasons with the new locker rooms, etc. and then a nice upgrade for the rest of athletics. You could take Lou's announcement last night as the beginning of the "quiet phase" of fund raising for the arena. Word is out there and funds will be collected. Then, once they are half way there or so, or get a big challenge donation (e.g. I'll give you $10 million if you get alumni to donate another $10 million), you'll here it being widely publicized. The quiet phase is to avoid egg-on-the-face should donors not come through for the whole thing.
I'm pretty excited, some big things I thought I'd never see ... DI hockey, a new arena, and semesters(!!!) might all happen before I retire! Although time is running out!