Born in Washington, D. C. in 1942 and raised in Colorado, Michael Hildt began his career in the banking industry. In 1971, he gave up a management position at SeaFirst Bank to become director of the Coalition for Open Government. Pushing for a change in the state law requiring financial disclosure of lobbying activities and campaign finance, the group's Initiative 276 passed in 1972, resulting in the state's public-disclosure law.

Subsequently, Hildt worked as head of City Council's policy staff until he ran and was elected to Seattle City Council in 1977 at the age of 35. He won by a margin of 20,000 votes. During the eight-year period Hildt served on City Council, he is perhaps best-known for his work with the Pike Place Market. Hildt forged an agreement between Pike Place Market farmers and artisans known as the Hildt Agreement. Hildt was also active in the City's conservation efforts in the early 1980s and housing issues. He worked to allow apartments attached to single-family homes, or mother-in-law apartments, in order to increase the supply of lower cost housing.

Hildt served two terms on Council, 1978-1986, before choosing not to run for reelection. He chaired the Urban Development and Housing Committee (1978-1981), the Energy Committee (1982-1985), and two ad hoc committees, Shorelines (1979) and Campaign Financing (1984-1985). He was a member of several other committees including: Parks and Community Services (1978-1979), Water and Waste Management (1980-1981), Environmental Management (1984-1985), and Finance (1982-1985).

After leaving City Council, Hildt and his wife, Karen Gates Hildt, moved to the Olympic Peninsula in 1986. He became the first City Administrator for Port Townsend in 1995. In 1999, he earned his master's degree in business from the University of Washington. Hildt died of cancer in December 2001 at the age of 59.