What does "OBJECTIONABLE" indicate on a VFR chart?
It means that the airspace around the airport is still under review after a proposed change.

This article explains it in more detail: http://expertaviator.com/2012/07/31/what-is-an-objectionable-airport/

And here's the official text: Part 157


  §157.7   FAA determinations. (a) The FAA will conduct an aeronautical
  study of an airport proposal and, after consultations with interested
  persons, as appropriate, issue a determination to the proponent and
  advise those concerned of the FAA determination. The FAA will consider
  matters such as the effects the proposed action would have on existing
  or contemplated traffic patterns of neighboring airports; the effects
  the proposed action would have on the existing airspace structure and
  projected programs of the FAA; and the effects that existing or
  proposed manmade objects (on file with the FAA) and natural objects
  within the affected area would have on the airport proposal. While
  determinations consider the effects of the proposed action on the safe
  and efficient use of airspace by aircraft and the safety of persons
  and property on the ground, the determinations are only advisory.
  Except for an objectionable determination, each determination will
  contain a determination-void date to facilitate efficient planning of
  the use of the navigable airspace. A determination does not relieve
  the proponent of responsibility for compliance with any local law,
  ordinance or regulation, or state or other Federal regulation.
  Aeronautical studies and determinations will not consider
  environmental or land use compatibility impacts.
  
  (b) An airport determination issued under this part will be one of the
  following:
  
  (1) No objection.
  
  (2) Conditional. A conditional determination will identify the
  objectionable aspects of a project or action and specify the
  conditions which must be met and sustained to preclude an
  objectionable determination.
  
  (3) Objectionable. An objectionable determination will specify the
  FAA's reasons for issuing such a determination.
  
  (c) Determination void date. All work or action for which notice is
  required by this sub-part must be completed by the determination void
  date. Unless otherwise extended, revised, or terminated, an FAA
  determination becomes invalid on the day specified as the
  determination void date. Interested persons may, at least 15 days in
  advance of the determination void date, petition the FAA official who
  issued the determination to:
  
  (1) Revise the determination based on new facts that change the basis
  on which it was made; or
  
  (2) Extend the determination void date. Determinations will be
  furnished to the proponent, aviation officials of the state concerned,
  and, when appropriate, local political bodies and other interested
  persons.