Rocco Rossi made it official today, declaring he's in the race to be the next mayor of Toronto.

Even though the announcement at Nathan Phillips Square was held in the pouring rain, Rossi said he thought it was appropriate for an outsider to kick off his campaign outside city hall.

Acknowledging that most people would say "Rocco Who," he promised he would bring new ideas to campaign, although he wouldn't reveal his specific position on several issues from road tolls to outsourcing garbage.

"I'm big, I'm bald and I've got bold ideas for this city," Rossi said, adding his business experience tempered by time in the non-profit sector as CEO of the Heart and Stroke Foundation makes him in a good position to lead.

One specific promise was to sell Toronto Hydro, which the city of Toronto is sole shareholder, to pay down the city's ballooning debt – now at $2.4 billion – and cut his own salary by 10 per cent and freeze it for the four-year term.

"It doesn't mean we sell assets so we have a piggy bank to increase operating expenses unreasonably," Rossi said. "I'm talking about selling assets to pay down debt and build the capital infrastructure we want."

He also called the decision of city council not to roll back their salary increase this year while freezing salaries of non-union staff "utterly unacceptable."

"On the one hand, we're told by city council we have a fiscal crisis, and with the other hand, they vote themselves wage increases."

Rossi said he will encourage councillors to roll back their wages and hopes voters will ask candidates if they will do that.

Rossi is resigning his position as national director of the federal Liberal party to seek the mayoralty, which became an open race in September when David Miller announced he would not seek reelection.

But the field is expected to be crowded with deputy premier George Smitherman already in the running, and former Progressive Conservative leader John Tory expected to join in the new year when the race officially begins.

Rossi, who managed Tory's campaign for mayor in 2003, said while he was a strong supporter of Tory's then, he decided it was time for him to put his name in the mix.

Also expected to run are budget chief Shelley Carroll, TTC chair Adam Giambrone and Deputy Mayor Joe Pantalone. Councillor Giorgio Mammoliti has also declared he is running.