Former St. John's mayor Andy Wells wants his old job back.

Wells, who was elected mayor in 1997 and won re-election in 2001 and 2005, announced Tuesday morning that he would be running for mayor in this fall's municipal election, saying he wants to rein in city salaries and taxes.

If this keeps up, in five or six years, there'll be a closed sign out on the Trans-Canada. - Andy Wells

"I think as a province we face very serious problems. I think there's a serious taxation crisis," he said.

"I think provincial taxes have created great hardship for people in this province. I think rise in electricity prices, rise in electricity costs, poses several problems for the people of this province, and to cut right to the chase, municipal taxes have gone up in this city over the past five or six years to an astronomical rate, and I believe that that is unacceptable and unfair."

Wells acknowledged that as mayor of St. John's he wouldn't be able to do anything about electricity rates or provincial taxes, but said he'd lessen the tax burden on residents of St. John's.

Wells makes it official. Will seek the mayors chair. Says taxes are too high in the city. Says salaries at <a href="https://twitter.com/CityofStJohns">@CityofStJohns</a> too high<a href="https://twitter.com/hashtag/cbcnl?src=hash">#cbcnl</a> <a href="https://t.co/daLeayVPf6">pic.twitter.com/daLeayVPf6</a> —@Jeremy_Eaton

"One of the first things that I'd try to do is try to reverse the tax increases that were inflicted on the people of this city in 2016."

Wells said the city's budget has gone up over "75 per cent over the past five or six years." In fact, expenditures in the 2011 budget were $224.2 million, while Budget 2017 had expenditures of of $294.4 million, an increase of 31.3 per cent over six years. (The 2017 budget decreased spending by about $8 million.)

He also took aim at hefty retirement packages for departing civil services, and expenditures such as the subsidy to St. John's Sports and Entertainment, which runs Mile One (in 2017, the subsidy is $2.49 million).

As former St. John's Mayor Andy Wells announces his intention to run for city hall, the CBC's Ryan Cooke takes a look back in the archives. 2:02

Taxes too high, says Wells

"We require a council, at least a bare majority, that's fundamentally committed to changing the way in which this council operates. We can't afford to continue. As one person said to me who does a lot of work in this city, 'if this continues, in five or six years, there'll be a closed sign out on the Trans-Canada'."

Residents of St. John's and other communities across Newfoundland and Labrador will head to the polls on September 26 to vote for their mayors and town councillors. (CBC)

Wells said the first step would be to roll back taxes to 2015 levels. Taxes soared in 2016 despite rate cuts by city council, due to a jump in property values from the most recent round of city assessments.

The former mayor also said he'd put a cap of $200,000 on the highest city salaries and would introduce a strict time-management system for all jobs with salaries above $150,000 "to assure value for money, that people getting these salaries are actually doing something important for us."

Wage freeze promised

City workers should not expect raises either, warned Wells.

"The city unions will be advised that there will be a four-year wage from 2017 to 2021. Taxpayers need a break. We can't afford to continue," he said.

All non-union salaries will be frozen for the same period, he said.

Wells also promised a review of regulatory compliance to make the approval process more efficient.

Wells stepped down as mayor in 2008 to take an appointment as chair and chief executive officer of the Public Utilities Board.

He had previously refused to resign as mayor before taking the role, but then-premier Danny Williams announced the appointment would be delayed until after Wells stepped down.

Wells was suspended from the board by the province in June after he said he'd suggested to councillors that the city apply for intervenor status during hearings for the Muskrat Falls hydroelectric project. In emails that were released, Wells accused councillors of cowardice.

On Tuesday, he said he'd resigned from the board effective 4 p.m. Friday, and his announcement that he was running was soon followed by a press release from the provincial government that stated it was ending the investigation.