CONCORD, N.C. -- City council members rejected a plan Monday night to build a drag strip on the property of Lowe's Motor Speedway.

"We had almost no information about the issues that concerned us the most and that was noise," said Concord mayor Scott Padgett.

In a special meeting Monday night, many neighbors within earshot of the strip made their own noise, whether it was concerns on the value of their homes.

"We know what will happen to property values,” said resident Kathy Rollman. “These people will be driven from their homes, unable to sell their homes."

Or the effects the proposed Thursday to Sunday night events would have on their kids.

"As the father of a 6- and 7-year-old, a first- and second-grader, I feel like they're entitled to a decent night's sleep, especially on a school night," said Brian Sipe.

But those in favor of the drag strip said the project would drive in jobs and a projected $10 million in revenues each weekend it is up and running.

"When Speedway Motorsports builds anything, they build it fabulous,” said Laurie Wilks, of Speedway Motorsports. “It will be beautiful. It will be known as setting the industry standard."

Speedway officials said they will keep their options open but wouldn't rule out legal action.

Officials say the drag racing strip would have likely held about 25 to 30 events a year. They were in discussions to have a National Hot Rod Association race but that will not happen now.