The Lost City is not really a city at all, but are the remains of an exploded gas refinery.
 There is also rumored to be a staircase nearby that leads to a basement where
satanists are said to live and hold their rituals.  It is said to be in the woods but is
hidden and blocked by a large metal door.  I've heard it's a good place to explore, but
it has a very unstable floor and is considered
EXTREMELY DANGEROUS
The picture below is of The Lost City before the explosion.  Thanks to Carla for sending this