thats exactly what happened to the Surfers Paradise Raceway many years ago, the Gold Coast City Council had to maintain the track, but wern't required to open it for events. Eventually they did lease it out to a tigermoth joyflight company and later to Operation Drag a police run Drag meet. Today the track has been completly demolished and housing is being built.
my old man took me to lakeside many times when I was younger, thats where my appreciation for motorsport started, I hope it survives. You'd think with the amount of v8 Supercar teams in SE QLD there would be a read demand for a testing track.