New Slogan = Waste of Money

In 2004, Tourism Toronto, the City of Toronto, the Ontario Ministry of Tourism and Recreation, and the Toronto City Summit Alliance, established the Toronto Branding Project. The goal was to create a single Toronto brand and to develop a fresh new way of communicating the city’s strong and dynamic identity to the rest of the world. This is part of a larger unified effort to define and promote Toronto's distinct identity and raise our profile as a major global tourist and business destination.

It took "13 months, 250 interviews, 4,500 contributions from Torontonians, 14 focus groups in 3 countries. All this to tell the world the Toronto story."

Cost: 4 million dollars of precious tax payers' money

When I heard this newsstory on the radio, I got really mad, and at the same time felt suprised at the stupidity behind the project. My first impression was.. "who cares?"

Does any tourist ever, decide not to go to a certain city, because the city slogan is too lame? On the contrary, does a tourist think, hmm I wonder what the slogan of this city is? Maybe it's only me but I think this project is total waste of money. Toronto could have payed me 1/2 a million and I could have come up with something better..
What do you think? Waste of money? Good/bad slogan? Is a slogan important?