Councillors vote in favour of Torbay velodrome
Torbay Council has agreed to borrow £780,000 to build an outdoor velodrome and closed-road circuit.
The proposed facility will be designed by British Cycling and built at Clennon Valley near Paignton.
Some councillors had raised concerns it might not make enough money to cover the £60,000 a year in interest on the loan.
But following a meeting, 31 councillors voted in favour of the plan, no-one voted against it and four abstained.'Good news story'
British Cycling, the governing body of the sport, is putting £780,000 into the project, but the council will have to match fund it.
Elena Bremer, the co-ordinator of South West Women's Race Series, said: "It will be a great facility for the region.
"It will be an essential place for cyclists to go and train and a safe environment. It would be used all year round."
Councillor Robert Excell told BBC News it was a "good news story" and would make Torbay an "iconic area for cycling in the South West".