As part of its effort to aid developmentally disabled preschool children, Finger Lakes United Cerebral Palsy Inc. last week sold a $2 million tax-exempt bond issue to build a new facility in Geneva.

Proceeds from the nonrated bonds, underwritten by Fleet/Norstar Securities, will be used to construct a headquarters building that will also house treatment space, classrooms, and counseling offices.

United Cerebral Palsy provides a variety of programs to aid children with cerebral palsy, mental retardation, genetic disorders and other disabilities.

The institution current serves about 170 children, from infants to five-year-olds.

The Battery Park City Authority is sounding the privatization waters to possibly spin off some of its assets or functions.

The sale of assets could generate as much as $1 billion for New York City and the state, some state and local officials have suggested.

The staffs of the authority and the state's budge division are forming a group to study the feasibility of privatization and prepare a report over the net five to eight months.

Also in the group are the authority's real estate appraiser, Cushman Wakefield; its bond counsel, Hawkins Delafield & Wood; and its real estate counsel, Fred Altschuler of Spengler, Carlson, Gubar, Brodsky & Frishling. To coordinate all the parties, the authority tapped Merrikay Hall, a lawyer with Hughes, Hubbard & Read.

The authority sent out requests for proposals to select an investment banking firm for the group and five firms responded. Dillon Read & Co. was selected for the $250,000 financial services contract.

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