Continuing its library-mining operation, MGM is developing a remake of 1976 horror movie “The Town that Dreaded Sundown.”MGM had no comment but the Lion has been asking agents for possible takes from writers to reboot the Charles B. Pierce film. The original movie was based on five unsolved murders attributed to the Phantom Killer during three months in 1946 in and around the city of Texarkana on the border between Texas and Arkansas. Pierce shot large parts of the movie in and around Texarkana with extras recruited from local residents. MGM has been focused on reboots since it emerged from bankruptcy in early 2011 with Gary Barber and Roger Birnbaum as co-CEOs. Upcoming projects include “Carrie,” “Hercules” and “The Magnificent Seven.” Birnbaum opted out of staying in the exec suite to focus on producing via an exclusive deal with MGM.