$220.8 million is on the table because it is what Lone Rock was willing to pay for it, and they had no competition. Since it is less than the appraised value of $285 million to $400-plus million (1), this price represents a bargain to any buyer. OSU could make great use of it-- look to the Andrews research forest near Blue River for a model of scientific value that creates jobs and preserves timber, important because we all breathe oxygen and trees make it for us.  I'll be first in line to buy those bonds when they're issued. 
(1) http://www.oregon.gov/dsl/Land/Documents/Elliott/slb_dec2014_item4.pdf page 40.