Local cohomology and the multi-graded regularity of FI$^m$-modules

We develop a local cohomology theory for FI$^m$-modules, and show that it in many ways mimics the classical theory for multi-graded modules over a polynomial ring. In particular, we define an invariant of FI$^m$-modules using this local cohomology theory which closely resembles an invariant of multi-graded modules over Cox rings defined by Maclagan and Smith. It is then shown that this invariant behaves almost identically to the invariant of Maclagan and Smith.