YAPHANK - Suffolk County Executive Steve Levy announced Thursday that he will not seek re-election for a third term.

In a statement, Levy stated that he made the decision to ?tackle other challenges.? The decision comes after Levy spent seven years in office as the county executive.

Levy mounted an unsuccessful campaign for governor in 2010. ?I knew if I wasn?t successful that I might not seek a third term as county executive,? Levy said in the statement.

In addition to the announcement that he would not be seeking a third term, Levy also stated that he would be turning over his $4 million campaign fund to the Suffolk County district attorney.Suffolk County District Attorney Thomas Spota says Levy's decision to turn over the funds was made to resolve a 16-month investigation conducted by the Government Corruption Bureau.

?There is no question that while the investigation revealed serious issues with regard to fundraising and the manner in which it was conducted, including the use of public resources, I am confident that Mr. Levy did not personally profit,? Spota said in the statement.

Spota ended his statement by saying, "Restraint is often more difficult than aggressive action but in this case I know it is more appropriate. This outcome ends the inquiry into Mr. Levy's conduct. The investigation will continue with respect to the conduct of others."

Some residents say they believe Levy should resign; however, Suffolk County Presiding Officer William Lindsay, a frequent critic of Levy, says having him finish his term is in the best interest of taxpayers.

INTERVIEW: Democratic Strategist Chris Hahn on Levy's announcementINTERVIEW: GOP Party Chairman John Lavalle on Levy's announcement