Four entities are combining their resources to purchase a development easement on a 42-acre property at 910 Route 34, Colts Neck.
The parcel is known as the Claire De Groot Trust Property, according to a resolution that was passed by the Monmouth County Board of Freeholders on May 24.
In the resolution, the freeholders confirmed their commitment to pay $409,500 toward the purchase price of $1,638,000 for the development easement on the property.
When the easement has been acquired, no development will be permitted on the parcel and it will be preserved for agricultural purposes, according to the resolution.
The other entities joining Monmouth County in the acquisition of the development easement are the state, which will pay $819,000, the Monmouth Conservation Foundation, which will pay $204,750, and Colts Neck, which will pay $204,750, according to the resolution.