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Bank Of America Investment Of all the local spending proposals put on ballots around the state, the ones that dedicate funds for the purchase of open space have traditionally been the easiest to pass. Even in fiscally conservative municipalities and counties, voters usually see open space as a good investment. They're well aware that when open land is gone, it's gone.

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Investment Opportunity But on Nov. 2, both East Hanover and Boonton Township voted down open-space questions. So did Edison. Of 44 open- space referendums around the state, 10 failed. Normally, 90 percent or more pass.

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Banc Of America Investment Do these defeats suggest that open-space proposals are falling victim to the so-called school budget syndrome? That's the disease that finds citizens who support education turning down local school spending plans because it is their chance to say "not so fast" directly to those spending their money.

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Banking Investment Maybe so. Certainly citizens are given no direct say on most of the ways their tax dollars are spent.

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Investment Solution Strategic The East Hanover situation is curious since a major supermarket proposal was turned down recently because residents didn't want to add further traffic-intense development to the already crowded Route 10 corridor. The open-space measure would have set aside money to buy land that will likely be developed.

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Investment Banking Services The vote in Boonton Township may have been a reaction to recent proposals for various uses of an already preserved farm. Many residents felt that the proposals potentially allowable under that preservation umbrella -- riding lessons, breeding, boarding and others -- were more intense than they preferred. So perhaps they wanted a clearer definition of the details in this new (and separate) open-space purchase plan.

Bank Investment In the bigger picture, it remains true that New Jersey, the nation's most densely populated state, continues to have a mini-explosion in building. So the general instinct to set aside chunks of land is a good one.

Alternative Investment But perhaps the lesson in the case of Boonton and East Hanover townships is that it shouldn't be taken for granted that every well-intended proposal will automatically pass.

Online Investment Services Star-Ledger - 11/10/2004

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