"While I feel I have been useful and have worked hard for the people of my district, I always knew that I would only serve as a citizen legislator for a time, not forever. The time has come for me to move on to other things in my career and in life," Hope wrote in an email.
Hope said he will serve out his third term in the 44th Legislative District, which includes the cities of Lake Stevens, Snohomish and Mill Creek.
Hope unseated Democratic Rep. Liz Loomis in 2008 in an election decided by a hand recount. He won re-election much more easily in 2010 and 2012.
He ran for Snohomish County executive in 2011, losing to incumbent Democrat Aaron Reardon.
In a recent interview, Hope said he left the Seattle police force in August to become a financial adviser with Morgan Stanley. As a result of the move, he said he's put his pursuit of an acting career on hold.
Mill Creek City Councilman Mark Harmsworth, a Republican, declared Thursday he'll seek the seat and received Hope's endorsement.
Harmsworth will be making his second run for the state House. He lost to Rep. Hans Dunshee, D-Snohomish, in 2012.
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