I say modernize it!
-simplify/reorganize the front page
-I'm not going to suggest any colours... but make sure they work well together.
-add some style/flare (new logo possibly) - that separates this website from others.
-add some "Web 2.0" functionality like adding RRS feeds to the articles/newsletters
Here's some examples of I mean. They are collections of well designed websites that you can steal... I mean borrow a few ideas from: