COLTS NECK — Grey Oaks, a 44-acre farm on the corner of Laird and Cross Roads, has been entered into the Monmouth County Farmland Preservation Program.

Owners Richard and Mary Amdur of Cross Road have been paid $1,629,369 for the development rights to the farm, where they raise horses and chickens and sell timber, according to Harriet Honigfeld, the county's farmland preservation program coordinator.

The state contributed $924,777, while the county kicked in $369,911 and the township $334,681. The deal was finalized May 9, Honigfeld said.

The county is expected to close on another township farm in the next few weeks. The Hammond Farm, a nearly 20-acre parcel at Lenape Lane and Heyers Mill Road, consists of two nurseries and is located in a residential zone that allows for 2-acre zoning.

Owners Henry and Janice Hammond of Lenape Lane will be paid $1,800,344 for their development rights. The state will pay $964,470, the county will contribute $411,318 and the township $424,556.

Honigfeld said the Hammond farm fetched a higher price because of the potential for denser housing to be built there. The Amdur farm, by comparison, is in a zone that permits housing on 10-acre lots.

Township Committeeman James Stuart said the Hammond deal will prevent at least a half-dozen houses from ever being built on the land. He noted, however, that every preserved farm helps the township achieve its goal of maintaining a stable tax rate by limiting residential development.

Stuart said there are no other local landowners seeking to enter the farmland preservation program at this time. Colts Neck is carrying nearly $7 million in debt for its preservation efforts.