The 1970s 1975 - A group of local business leaders forms an industrial council in response to the Chicago Transit Authority’s (CTA) proposed service cuts and community frustration over unemployment issues. The newly formed council has an immediate and imposing presence due to a large infusion of financial support from Bankers Life. 1976 - Energized by its early success in convincing the CTA to cancel proposed bus service cuts along Elston Avenue , the North River Business & Industrial Council opens its offices 1979 - The North River Business & Industrial Council receives 501(c)(3) status as the North Business Industrial Council, commonly known as NORBIC.