I bought the same link belt from HF a few weeks ago for a band saw and didn't smell anything. However I did notice a few things that were incorrect on my saw that I found by spinning it by hand that could lead to a burnt belt.
1) the pulley were not lined up so there was a side force being applied to the belt; I put a straight edge on the bottom wheel's pulley and slid the motor to match
2) I found that the bottom guard that covers the area around the motor pulley and belt was simply not the size and was rubbing the belt; I made some cuts on the jig-saw
After a new belt, a new bottom wheel and the above mentioned work my Delta 14" band saw is now working correctly.
Good luck.