Monster film festival gone real (horrorcomedy)

[frank]

I've seen this probably in the 90s on TV. Is seemed fairly new, in color, decent editing.

It was basically about some young man returning to his hometown where his grandfather (dad?) still lives. The old man is some movie-maker that did a blockbuster horror movie some decades ago situated in the very hometown. Since the movie was such a success, the townspeople celebrate it with a big monster movie festival every couple of years and guess what, it is about to start when the young fellow returns. Successively, however, we learn that it was not a movie that was filmed initially but more of a documentary, because every distict time-period, some monster emerges from a nearby lake and threatens the town. Each time a young hero has to show up battling the monster with all cliches occurring. Once it was the granddad (dad?), now it is supposed to be, guess again, his grandson (son?). After much denial he stands up to his destiny and finally wins the battle, with the usuall hint at the end of the movie that it might not be quite over.

I think the actual monster looked a bit like a giant spider, but could also have tentacles. It could have been black and white, while the rest of the movie was in color.

I think I liked the movie and would like to do some re-viewing.

Any ideas?

[Sister Grace]

Oh my, I've seen this but can't remember the title. I know the festival was a big deal. There's also a cafe in the movie where they have a plate lunch or a burger named after the monster. all the townspeople are glad to see the kid cause they think he's going to save them, only he thinks the whole town has gown wack-o.
I remember it was fairly cheesey but funny.

[Raffine]

I'm pretty sure it was a Sci Fi Channel movie, or at least I saw it on The Sci Fi Channel.

I'm thinking it has a name like MONSTER or CREATURE or something like that . . .

That's all I can remember.

[frank]

DOH! I tried "monster" and "creature" in the Plot summary field at imdb, but not in the Title field.

Turned out to be "Monster!" (1999). Now I have to find it...

Thanks to both of you!