In the state of IA. you must post notice of a public meeting no less that 24 hours prior to said meeting, or you're in violation of state code. An adgenda must also be in that posting and should be specific in nature. No other business should be discussed, or transacted other than what is addressed on the adgenda.
No action should be taken by the council until a public hearing is called. (This can happen later before any ordinance language is changed) To change an existing ordinance should take 3 readings before a final vote is taken, while alowing public comment.
I'll venture a guess that the noise/polution issue may be a cover for someone wanting the area for development. The drag strip needs to go so someone can build a strip mall so people can go buy $hit they really don't need.
I'd suggest a serious citizen petition drive start now, and be delivered to the next council meeting where the issue is posted as an adgenda item. And I'd suggest those signing plan to attend. If there isn't enough room, demand the meeting be moved to a larger venue.