From a SXSW interview with the movie director:
EDIT:
A few more details.
The official title for the upcoming Resident Evil reboot from director Johannes Roberts will officially be called "Resident Evil: Welcome to Raccoon City."
IGN learned the official title of the upcoming movie from Roberts himself during an interview at SXSW's online event. Resident Evil: Welcome to Raccoon City is an adaptation of the first two Resident Evil games and will include main characters from both titles including Chris and Claire Redfield, Jill Valentine, and Leon S. Kennedy.
Set in the year 1998, Resident Evil: Welcome to Raccoon City will tell the events of the city under siege from infected zombies. Both the mansion from Resident Evil 1 and the city itself and police station from Resident Evil 2 will be present in the movie.
EDIT:
A few more details.
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