Calgary's Race City Motorsport is located on city land in the southeast. (CBC)

City council has voted to extend Race City Motorsport's lease for another five years.

The future of the Calgary racetrack at 114th Avenue and 68th Street S.E. was up for debate, because the city said it needed the land to expand the Shepard landfill site.

On Monday afternoon, however, aldermen voted 8 to 7 in favour of an amended motion by Ald. Ric McIver giving the racetrack another five years at the site. McIver argued, in part, that the racetrack provides an outlet for drivers who would otherwise race in the streets.

A regular event called "Secret Street" opens the racetrack to "street racers and drag enthusiasts" with registered and insured vehicles who pass a safety inspection, according to the racetrack's website.

City officials estimate leaving Race City on the land will cost taxpayers $600,000 a year for event security, garbage collection and future remediation of the land, but McIver argued it was worth the price.

"The biggest reason is because it's better for Calgary, it really is. It'll keep the streets safer. And yes, there will be a cost. We do things every day that have a cost and why do we do them? We do them because it makes our city better," he said.

Speedway fans held a rally on Saturday, with a reported 200 people driving downtown, some with signs showing support for the racetrack.