The $375,000 annual lease payments theoretically could have been covered by the interest gained on the $50 million, but for several reasons the district says it let the Oct. 11 deadline pass without accepting the offer. One reason cited was that the district could borrow money at a lower interest rate than the 6.6% figured into the proposed lease payments. As well, Multnomah County actually owns a portion of the office space in the headquarters building, so would have to be involved in the deal.

The headquarters building is known as the Blanchard Education Service Center. It is located north of the Rose Quarter in close-in North Portland. Among other things, it houses the district superintendent's offices.