Anyone else know about this movie?

I've been trying to recall a movie that I watched in the very late 90s/early 2000s, but I haven't had much like, so I was wondering if the tropers here could help?

I'm fairly confident the movie's title was "Monster". The plot was a young man, currently studying to be a doctor in college, having to drop out to come back to his old hometown to attend a family problem. His grandfather, a local hero famous for directing and starring as the main character in a series of B-Movie monster films, is apparently going crazy: the tri-annual (once every three years) festival celebrating the monster films he made is coming, and Grandpa has been running around trying to warn people that they're in danger, as the monster from those films is real.

Needless to say, our protagonist doesn't believe a word grandpa has to say, but as the film continues, he's forced to admit grandpa's Genre Savvy claims are true. Investigating the quarry, where grandpa insists the monster was buried three years ago and has escaped, he finds a massive hole, a bloody dog collar ("it never eats the cow - it has a strict diet of people and small pets; maybe that will help you") and a broken off claw that resembles nothing he's seen before. When he investigates the leg recovered from a couple who were killed, he finds that the wound perfectly matches the very claw he has - and yet, as grandpa warned him, the doctor refuses to admit it, insisting that the wounds are axe marks (which the hero's training means he can point out is very much not the case).

Eventually, the hero comes face to face with the monster, and the bizarre phenomena that the festival seems to bring the movies to life for real; nobody ever remembers what happens, even grandpa doesn't know why it happens ("look, I didn't invent this voodoo crap! So don't ask me to explain it. I'm the town hero, not the info man"), but the monster is very real.

So, with the notation that this culminates in an attack on a film theater where the heroes try (and fail) to kill it by feeding it a pig carcass with a remote detonated bomb inside, them melting it down in a factory, and a stinger showing a tentacle sliding away into the lake, does this film's description sound at all familiar to anyone?

Nope, can't say that it does. I could use my Google Fu skills and check it up if you like?

Pretty sure I saw that movie on Sci-Fi.

Just for future reference, You Know That Show is where you go to ask these things.

I would appreciate that, Tam H 70, and I'm sorry, I didn't know that there was a specific place for queries like this.