They are going to develop the Alexander Stadium, which is already a nice venue. I've been to the British Championships there a couple of times (as a spectator). It already hosts the occasional Diamond league meet.
I'm pretty chuffed and hope Brum does get the games. But I'm only 20 minutes away, so would make an effort to get to as much as I can.
No velodrome anywhere near though... Derby or Manchester are the nearest - I hope track cycling isn't axed.