Mayor Michael Bloomberg decided to change the current law and clear the way to seek a third term as New York’s mayor. The wealthy businessman will make public his intention tomorrow, The Associated Press reported citing a person familiar with the matter who spoke on condition of anonymity.

In 2002, the billionaire former CEO vetoed a bill to extend the terms for some officials, but now it’s different. Bloomberg wants to continue with a third term and use his Wall Street experience to guide the city through the tough financial crisis which lies ahead. His current mayoral term expires in 2009.

Bloomberg’s first step in order to continue for a third term as NY’s mayor would be to go through the City Council to amend the law that forbids him to seek another term. He can’t get the issue on this year’s ballot. It is too late.

According to the person cited by the AP, mayor Bloomberg has been struggling to take a decision over a possible third term for the past few months. However, his decision to seek a third term is a bit risky because it means he will go against his own support of term limits.

Bloomberg’s move drew harsh criticism. Mark Green, who lost to Bloomberg in 2001 elections, described the move "an antidemocratic, unfeeling, power grab."

"He's picked a fight. And now he'll get one," he added.

Doug Muzzio, political scientist at Baruch College in Manhattan, called Bloomberg’s move “reprehensible.”

“Clearly, they [mayor and council] can phrase it to appear largely for the public good, but the bottom line is that they benefit," he told Newsday.com.