ERIE — The town of Erie is poised to extend multi-year support to the operators of the Boulder Valley Velodrome.

The town board has an item on its consent agenda Tuesday night that would extend a sponsorship agreement to the nonprofit Team Cycling Colorado that would have a potential value of $200,000 over five years.

BVV Holdings is under contract to buy the velodrome; Team Cycling will operate it. The town is interested in the operation because it is adjacent to the future Erie Town Center and, according to information shared with the board, has the potential to draw business to the town, including a possible hotel.

At its peak, the velodrome at 601 Bonnell Ave. had 450 annual members and drew 250 racers per week. Operators expect to regain that traffic and more: Goals over the coming few years include using the facility for Olympic training in 2024 and 2028, hosting national level events, developing a national cycling team and developing retail on the site, town board documents show.

In exchange for $50,000 per year for this year, 2024 and 2025 and $25,000 per year in 2026 and 2027, the velodrome operators would sponsor a pickleball tournament, town movie nights, concerts in the velodrome, a criterium bike race downtown, a food truck festival and open the velodrome for public free days.

The cash, to be paid up front each year, will make the operation cash-positive in its first year, city documents said.