After years of talking about it, the city announced yesterday that it had finally found developer to restore and run the historic Loew’s King Theatre at 1025 Flatbush Avenue. Under the plan structured by the EDC, the Houston-based ACE Theatrical Group, which has restored a number of historic theaters around the country, would put up $5 million towards converting the building, most recently used in 1977 as a movie theater, to a performance space, while the city would kick in $50 million in development funds and another $15 million in tax credits. We feel like we have a deal we can deliver on, said Seth W. Pinsky, president of the New York City Economic Development Corporation. We are confident this project is going to move forward. The plan is for the refurbished theater to host approximately 250 live events, including concerts, theatrical performances and community events.