This story was in the local news last winter but I haven't heard anything recently. If I remember correctly, an investment group purchased a used velodrome that was used in Canada for the 1999 Pan American games. Their intention was to reassemble it in the Albuquerque suburb of Rio Rancho but the plans fell through. I believe there was some problems with financing and accounting and as far as I know the velodrome is sitting in a warehouse somewhere.
Then the city of Albuquerque expressed interest in setting it up in the sports complex here. It would be next to the University of New Mexico basketball arena, football stadium, AAA minor league baseball stadium.
The last I heard the city was trying to come up with the money needed to build it. I believe the cost would be about 2 million. As it says in the article this would be a high-altitude velodrome. Albuquerque is about 1 mile above sea level.
I will keep you posted If there is any more news but things do move slowly here.