On February 16, the Eugene City Council voted to transfer ownership of a downtown building to the University of Oregon for use in a joint venture—the Regional Accelerator and Innovation Network (RAIN). The building, on Olive Street between Broadway and West 10th Avenue, will be transferred to the University for the nominal sum of $1.

RAIN works to advance the formation of high-growth innovative startup companies throughout the South Willamette Valley. The RAIN Eugene Accelerator is a partnership between the City of Eugene, the Eugene Area Chamber of Commerce, and the University of Oregon.

“This is a place where a new partnership will form between the city of Eugene and the University of Oregon in our downtown to create more success with businesses,” Councilor Mike Clark said. Eugene Mayor Kitty Piercy touted the city's role in RAIN, saying that the city is a “strong partner” in its development. Eight startups graduated from the RAIN Eugene Accelerator in October of 2014; a second group of nine is now in progress.

RAIN plans to move into the new building later this year.