Sigma Rho Epsilon (or Epsilon Rho Sigma?), which later affiliated with Phi Kappa Tau, Northern Michigan University.
The legend dates from the 1960s. My own experience with the street— a long, long slope— was coasting down it on a ten-speed in the 1980’s. I was not BUI at the time.
Coming back up the hill was a grade-A Ditch with a Capital B.
Huh...in my dotage I’m begining to suspect that every Uni with a steep hill has the same legend.