I believe this project had been at least mentioned in the press earlier, but today's issue of the student paper carried an article about the formal announcement. Here's the link:
http://www.bupipedream.com/pipeline_web/display_article.php?id=1964
According to the associate AD quoted in the article, Bing will build two turf fields - one for actual events and one for practice. The events field will be lit and will have seating for 2,000. The project is expected to completed in time for the start of the Fall 2007 season.