According to various Twitter reports (and photos, see here), it appears that IU's Wildermuth Fieldhouse, part of the HPER building and usually just referred to as "the HPER," is on fire. At least in the few photos I have seen, it appears that the fire is limited to a section of the roof, but obviously appearances can be deceiving, and the necessity of using water to extinguish the fire almost certainly means that the intramural courts will be out of commission for a while.
In addition to serving an important role in academics, intramurals, and various other functions (anyone else old enough to have participated in the horrible old "drop and add" process there before things went digital in the mid-1990s?), the fieldhouse plays an important role in IU's basketball history. It was the home court of IU's 1940 and 1953 NCAA championship and of Hoosier legends such as Don Schlundt, Walt Bellamy, Bill Garrett, and many others. It's also a gorgeous old building and a campus landmark. Hopefully the property damage will be minimal, and of course, all occupants and firefighters will be safe.