Being a Bay State native now living in Michigan I'm following this thread with interest.
If you really want a velodrome, you can do what we did in Michigan. We built a 200 meter velodrome, 44° in the corners, steel sub-structure and 1" thick plywood surface, all with private donations and volunter labor. This was built in a city park and we are just concluding our 4th season. It does not have showers or training rooms, etc. but we have a great time and put on a great show. The track is also maintained by volunteers, small user fees (age 18 and under are free all the time including instruction/coaching and the use of one of our track bikes) and the Friday night gate.
Our current fund raising is for adding lights for night events. In the summer months, the sun sets in the Detroit area about 45 to 50 minutes later than Boston so in June it is still daylight around 9:00 pm.
Our primary race is the Madison and we have a Friday night series that runs in June and July. We also had our third 6-Day race in August. The Madison race is a blast to ride on our high banked track.
If you do not know what a Madison race is, it is a two person team, one person in the race, the other riding high on the track resting. Every two to three laps, the resting person drops down the track, their partner grabs their hand and slings them into the race.
Pictures at:
http://www.davebirdsong.com/index.php?s=velodrome
and the website for the track is at:
http://www.velodromeatbloomerpark.com
BTW, if you use a design that volunteer labor can build, you can reduce the cost big time. Also, 200 meters and 44° banking make for fun and exciting racing.