Giuliani rules out third term

Rudy Giuliani announces that he will not seek a third term as New York City's mayor.

NEW YORK (CNN) -- A few hours after he announced he has ruled out running for a third consecutive term, Mayor Rudy Giuliani left open the possibility he would consider running the Port Authority of New York and New Jersey.

The agency will be responsible for rebuilding the site of the World Trade Center, which was demolished September 11 when two airliners slammed into the twin towers, sparking a huge explosion and ultimately their collapse.

"I don't know about that," Giuliani told CNN's Larry King Live, when asked whether he would consider taking the job after his term ends December 31.

"I'm not looking for a job. I don't need a job. I was all ready to leave. I love this city. It's devastating what's been done to it, and I have developed an enormous expertise and a group of people about how to run it."

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Rudy Giuliani told reporters Wednesday he would not seek a third consecutive term as mayor of New York City, but that his offer to remain in office an extra three months remains on the table.

"I'm not going to run for another term," he told reporters. "It's too divisive to be a candidate on the ballot."

The Conservative Party had offered to put him on its ticket, but Giuliani called party Chairman Michael Long Wednesday morning and nixed the idea.

Giuliani, a Republican, carried the Conservative Party banner in the 1993 and 1997 citywide elections.

"If I were on the Conservative ballot, it would lead to courtroom challenges and a lot of fighting, and it's clear to me that the legislature would not go along with it," Giuliani said. "There's no point in creating that kind of division."

City voters have approved term limits that allow a mayor to serve no more than two consecutive terms.

Overriding the law would require special action by the state legislature in Albany.

Although the state Senate is controlled by the GOP, the assembly, or lower house, has a Democratic majority led by Speaker Sheldon Silver, who has shown no enthusiasm for changing the law.

"It was clear to him [Giuliani] that the legislature, namely Shelly Silver, wasn't going to be cooperative in this venture and he clearly did not want to cause a division in this city," Long told CNN.

Last week, Giuliani asked the mayoral candidates to agree to let him remain in office for three months after December 31, when his term is up.

Businessman Michael Bloomberg, the Republican mayoral candidate, agreed. The Democrats facing each other in an October 11 runoff were split: Public Advocate Mark Green supported the plan; Bronx Borough President Fernando Ferrer rejected it.

"I think Freddy Ferrer and Sheldon Silver clearly gave a disservice to the people of the city of New York," Long said.

The mayor said his suggestion last week to the mayoral candidates that he remain in office an extra three months is still open, and that his sole motivation is to ease the transition.

"I'm available to do the transition I offered to do. If other people support that, fine. If they don't support it, well, they don't. I'm not going to do anything to get them to," Giuliani said.

He called people who have questioned his motivations "cynical."

Giuliani's approval rating has soared as a result of his handling of the aftermath of the attacks on the World Trade Center.

"His intention was to get New York back on track, to assist whoever the new administration is in moving forward," Long said.

Silver had no comment.

-- CNN Producer Phil Hirschkorn contributed to this report.