"Think of all the revenue!"
This proposed project wouldn't be built or run for free. Insurance, track maintenance, and utilities are just a few of many ongoing costs to keep a track like this running. Most barely break even. To be profitable sanctioned events and draws like a drag strip are usually necessary, along with regular (and large) events. Location obviously matters as well.
Building a new course such as this vs. buying a track already built (and proven to be successful) opens the community to trial and error. If they can't stay under the noise standard, can't keep up with the maintenance, don't plan on spectators, etc. between fines and extra costs/lost income, there are a lot of unexpected or unintended costs that could cumulatively shut the place down.
With all the changes that this proposed project has gone through since the initial pitch, what kind of benefit can the City of Eagle Lake actually see? Everyone talks about the supposed revenue and new tax base, but nobody talks about if this facility would be a sustainable addition to the community - and if it's not.