One of the exciting things BP Marty Markowitz announced at his State of the Borough Address on Wednesday at the brand new Park Slope Armory Y: the Loew’s Kings Theater on Flatbush Avenue will be restored.

The announcement was leaked to the NY Times early on Wednesday.

The rusting, dirt-caked marquee that hangs outside the Loew’s Kings Theater over a bustling commercial stretch of Flatbush Avenue in Brooklyn last promoted a film in 1977. Years of neglect have left the interior rotted by time, stripped by thieves and desecrated by vandals and pigeons.

New York City, which seized the building decades ago in lieu of back taxes, has long teased the neighborhood with proposals to restore the lost luster of a local movie palace. But this time, the city says, it is for real.

A developer has signed an agreement, made a down payment on a $70 million renovation and plans to turn the building back into a functioning entertainment site, this time presenting live performances, city officials said Tuesday.

“We’re on our way to making that dream come true,” said Marty Markowitz, Brooklyn borough president, who is to formally announce the restoration in his State of the Borough address Wednesday.