CHICAGO (CBS) – Ald. Edward Burke (14th) will not be a candidate for mayor in 2011.

The powerful chairman of the City Council Finance Committee announced in statement Friday morning that he plans to continue serving as alderman of his Southwest Side ward, a post he has held since 1969.

“Although some compare being Mayor to winning the ‘Super Bowl of Chicago politics,’ I believe that serving you and all the remarkable people of the 14th Ward is the ultimate political achievement,’” Burke said in the statement.

He says he is committed to “making our neighborhoods great,” and takes “great satisfaction in being able to make a difference on a local level and see the immediate impact it has made on your life.”

Burke added that he believes an experienced alderman is even more of a necessity now, with the struggling economy and challenges presented in maintaining public safety.

In the days after Mayor Richard M. Daley announced that he was retiring last month, Burke told WGN-AM radio that he had not “ruled out” a mayoral run, but that he would only serve one term.

Burke is the longest-serving alderman in the City Council and is also considered the most powerful.

He ran for mayor unsuccessfully in the Democratic primary for the 1989 special election. Daley was ultimately elected mayor for the first time in that contest.

Watch & Listen LIVE