PHILADELPHIA (CBS) -- Philadelphia businessman Sam Katz, a three-time candidate for mayor, announced Tuesday he will not run again this year, as an independent.

Katz released a statement reading, in part:

"For much of the past year, I have given serious consideration to another run for Mayor.

 I've run three times. I have always wanted to serve as Mayor because I felt strongly that I could and would make an important contribution to the future of my city through my leadership, ideas and through collaborations with others.

 However, I have concluded that another run is not right for me today."

Katz ran unsuccessfully for mayor three times, including two general election battles as a Republican, in 1999 and 2003, against Democrat John Street.

"I want to thank everyone who encouraged me to run, who thought that Philadelphia was ready for an independent candidacy--for my candidacy--and who said they would be there to help me if I chose to go again," said Katz in the statement.

Another prominent name is also thought to be mulling a run as an independent is former city councilman and current SRC member Bill Green.