The state, Monmouth County and Colts Neck are pooling their resources to purchase a farmland preservation easement on a property in Colts Neck.
During a recent meeting, the Monmouth County Board of Freeholders passed a resolution authorizing the release of the funding for the acquisition of the easement on a 25.7-acre parcel known as the George and Lillian Mosley property at 164 Laird Road, Colts Neck.
The acquisition of the easement will preclude the property from being developed.
According to the resolution, the Monmouth County Agriculture Development Board “deems it necessary and advisable to acquire and preserve a development easement for agricultural purposes.”
The freeholders accepted the board’s recommendation.
A formal offer of the purchase of a development easement in the total amount of $893,270 has been accepted, contingent upon satisfactory title of the property, and subject to adjustments for taxes and other closing costs, according to the resolution.
The state’s share of the cost will be 60% ($535,962), the county’s share of the cost will be 24% ($214,385) and Colts Neck’s share of the cost will be 16% ($142,923), according to the resolution.
