Caruso opts out of 2013 race for mayor

Statement just in from developer Rick Caruso, putting an end to speculation that he would join the mayoral race late.

Statement from Rick Caruso:

I will not be candidate for Los Angeles mayor in 2013. I love Los Angeles and believe in this city but it is not the appropriate time for me to step away from Caruso Affiliated. As a lifelong Angeleno, I have dedicated my career to supporting Los Angles through world-class developments, creating jobs and economic benefits and in working with civic and community organizations throughout Los Angeles. I look forward to continuing to contribute to our city by focusing on endeavors that enrich the lives of the people in this city.

Just last month, Caruso's people checked into possible ad time on TV and he reportedly told Eli Broad he would have some big political expenses coming up.