"I saw the results from the air show and money it generates. It's got to be great for our economy," Mr Brown said.
It would also give keen cyclists the opportunity to cycle all year round.
"Cycling in general is growing, it's huge at the moment. The Government had the national cycling way they were putting in. There is a big push for cycling and there are about a million people that cycle in New Zealand," he said.
At present there is one indoor velodrome in Invercargill, with another proposed for Hamilton.
"For us to drive to Hamilton is a major. It's just too far," Mr Brown said.
He said the design would be based around Invercargill's velodrome.
"I was lucky enough to experience their one in Invercargill. It was fantastic."
It would house a multicourt facility, with three or four indoor courts that could be used by other sports such as netball, tennis and badminton at the same time.
An 250-metre indoor running track of national standards would also be included.
"It's definitely a multi-purpose venue in Masterton."
He said the velodrome would cost about $12 million to build and he would not be looking to the council for funding.
"We've got a couple of places that we're going to look for funding but not through the council. It's too big a project."
He said it would take about 20 months to build.
The annual plan will be adopted on June 26.