That's a damn shame!!
Although I live in Kelowna, I have attended several events to Race City as a spectator, and always thought it was a great facility. Surely the City doesn't need that land out there for expansion purposes yet?
I suspect politics (votes) at work also, few politicians seem willing to buck the trend of citizens not to like auto race facilities anywhere near the population centres. I know Race City is out in an industrial area, but politicians are fickle.