It's not like the decision to remove the "I" is arbitrary. The university just recently hired an outside engineering firm to study the safety factors involved, and the recommendation was strong that if it isn't removed soon, it will either come loose and slide down the hill, or it will soon begin breaking off in chunks. Either way, because of the severe erosion at the site, other parts of the hill could come down with it, regardless of how you decide to let it fall. Liability risks are very high to leave it there. So, removal is the safe and responsible option. That doesn't mean something else can't be put back up, but the "I" in its current condition is unsafe, and certain to come apart and fall off the hill.