Smith said Sunday that he plans to announce his candidacy formally some time in the next few weeks.
He registered his candidacy with the State Public Disclosure Commission three weeks ago, a step that allows him to raise and spend money for the August primary and November general election.
Incumbent Mayor Don Gough has yet to say whether he will seek a third four-year term.
Candidates file for ballot position May 13-17. If three or more candidates file for the position, it will appear on both the primary and general-election ballots. If only one or two candidates file, the position will appear only on the November ballot.
Smith won election to the Lynnwood Council in 2005 and re-election in 2009.
Gough was a member of the council before he defeated the incumbent mayor in 2005. Three councilmembers challenged him in the 2009 primary, with Gough defeating then-Councilman Jim Smith in the general election.
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