First thing is not to listen to the negative crap (see above) from other NP'ers. It's a decent name and could be valuable to somebody. It may not be worth a ton as a domain but if you are into developing it you may find it useful as an anti-racism site or ethnic cooking or somehow using the 'city' part. I don't know but if was a .com no-one would be hating. There's a lot of sour grapes about .co around here but I wouldn't listen if I were you.
I agree with Microguy, I would try to sell it and invest the development efforts into some other domain unless you have a clear plan that you believe in.