A hoist assembly for use with an elevating device, such as a ladder, comprises a base structured for mounting the hoist assembly to the ladder or other elevating device. The hoist assembly includes a spool which is disposed in a normally secured orientation relative to the base, and includes an elongated member, such as a rope, wire, line, etc. attached thereto and movable therewith. A release mechanism is provided to permit the spool to be at least temporarily released from its normally secured orientation, thereby allowing the spool and the elongated member affixed thereto to move relative to the base, for example, in a rotating manner. The release mechanism includes a cogwheel having one or more cogs structured to engage a release plate structured to retain the spool in its normally secured orientation relative to the base.