Ball is the former chief executive of Boulder-based Eller Industries. He told The Gazette newspaper in Thursday's editions that the area would be similar to Eldora near Boulder.
Property owner Harvey Carter says Ball has 30 days to provide $1 million in earnest money. Carter says he has another prospective buyer if the deal with Ball collapses.
The proposal would need approval from Teller County and the U.S. Forest Service.
Ball is hoping to break ground by 2010 with an opening a year later.