Buy a high dollar bit from somewhere other than a Big Box store. It will not only cut right through that strap, but you will end up with a hole the size and shape of the bit. Put your belt on the pulleys which results in the lowest speed. That will decrease the speed of the bit, thus reduce overheating and ruining the bit. Use plenty of machine cutting oil. If the oil sizzles as you apply it, you need to applying more often.
Sizzling oil is not a good sign.
