I think the "larger investments" refers to other projects at IU, not Memorial.
Missing in this tweet is $50M was approved for maintenance. Then on top of that a $150M capital project was approved and for that money the state has to sign off. I assume they will... IUFB is pretty popular right now.
With that high level of maintenance spend, I think they're going to keep the current East and West stand structures. As in this won't be a total rebuild of those stands, just making them nicer. $150M is enough for a new press box and suites. How many seats they add while doing this... who knows.