According to the reading, the writer thinks the university should tear down the old auditorium on campus.
The man disagrees with the idea for two reasons.
First, he mentions that the auditorium has a historical value. To be specific, it comes from much earlier era of the university. and it held very first graduation ceremony. So, it is one of few remains and reminds us of the university past.
Second, he mentions that it will not save money. This is because demolition isn't cheap and replacing building is an expensive project. Moreover, it requires occasional maintenance.
For these reasons, he thinks it is not a good idea.