I think we need to step back and look at the big picture. Hockey is not what it was in Troy or the Capital District. The days of a packed fieldhouse are gone. Albany wouldn't support an AHL team. And , from what I can tell, this year there will be 2 college games at the MVP arena. And no others. And college basketball is as much a draw, if not more, than college hockey here now.
So with that being said, a new arena is being built in Schenectady. I don’t know what and how the financial ‘ownership’ of that arena is. But it isn’t ‘Union’s ‘ rink. Thinking RPI is somehow going to spend tens of millions of dollars on a new rink, or renovation of the existing one is, I think, naive. Troy doesn’t have a casino or other entity to build one. So I think RPI will need to work with other parties to make it happen. The city of Troy can’t fill potholes , much less build an arena. But, perhaps, a joint venture with the city, RPI, perhaps the state?, and some other private venture seems to be the best way forward. And then where to build it? And who will use it? There are youth hockey teams, figure skating clubs, high school teams, public use for skating, etc.
The one other place beside where the HFH is now that comes to mind is Frear Park. That rink is also old. ( I admit I am not sure how logistics like parking would be handled. And Traffic would also be a problem). I am not sure of another place, but I think it will take some creative ideas other than RPI will just build a new rink.