Some facts re: the Coventry PEACE Building

None of the current nine tenants met the April 1, 2024, deadline to renew their leases for a new 18-month term. Their just-expired leases covered the 18-month period of Jan. 1, 2023, through June 30, 2024. Tenants were required to exercise their option to renew for another 18 months by providing written notice “at least 90 days prior to the end date”—i.e., April 1.

Three new tenants have signed leases for an 18-month term, July 1 through Dec. 31, 2025.

The Coventry PEACE Building needs $2.8 million in repairs. 

Among the actions the board took at its May 20 library board meeting were the following:

• Voted against renewing the nine current tenant leases for an 18-month term, with one board member voting no.
• Voted to offer the nine tenants six-month lease extensions, renewable thereafter on a month-to-month basis, with either party permitted to terminate the agreement with 60-days’ notice.
• Voted against renewing its property management contract with CRESCO Real Estate.
• Authorized the library director to reject any unsolicited purchase offers for the building.
• Authorized the library director to study options and seek community input.
  
  

According to Vikas Turakhia, library board president, the building is nearly 60 percent unoccupied, and has always operated in the red.

Audio of the May 20 library board meeting (go to About the Library/Board/Meeting Audio), as well as financial documents and tenant leases, can be accessed online at heightslibrary.org (go to What's New?/PEACE Building Public Documents).