In a small town in Maine, I've had the pleasure of introducing a community bike program.
Think about your plan, how you'll implement it, and how you'll fund it.
Knock, door to door and ask locals if they have any old, beat up bikes in thier garage or basements they'd like to donate for your non-profit program.
Talk to your student government body informally at first. Find out what they'd like to know. Prepare and meet with them discussing your plan, implementation, and needs (repair funds, logistics, storage location).
Once implemented and sucessful, talk to your Finacial Aid Director. Ask for a Work-Study position to repair the bicycles and keep the program running smoothly.
Organize workshops for fund raising, encourage the students that volunteering in the program would earn Community Service credits (which my college required).
Before you graduate, try to find a responsible person to hand the torch over to. This, unfortunately, was a hind-site of mine and the program flopped once I graduated.