This is one of the several conning towers that served as the feed-through for a corrector magnet in the Tevatron. The red silicone protected the electrical connections from corrosion, which could lead to electrical shorts. An ice ball was usually present around the whole tower when the magnet was in use.
From the National Science Foundation, Sept. 26, 2016: The awardees include the Center for Bright Beams at Cornell University, in which Fermilab is a partner. The center’s goal is to make more intense accelerators at a lower cost.