I can't stress enough how freaking awesome it would be if the city did this. I think it's a great idea. They've laid out their very detailed plans about the Bicentennial Bikeways project, clearly intending to place themselves on the forefront of bicycle friendly cities in this country. I think building a velodrome would be a no brainer.
There are only twenty of them in the entire country. Just by simply having one, Columbus clearly says "yes, we care about cyclists."
It would help nurture the get fit movement in the city, getting us lower and lower off the fattest list.
It can't be much to build either. There's no need for an indoor one (although that would be totally super mega awesome); an outdoor one would probably be pretty cheap to build.
And just by watching all the new cyclists that we keep seeing, it's obvious that it would get a lot of use. It would be very popular.
For those who aren't familiar with what it is, this is a velodrome:
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