The U.S. Forest Service said it plans to officially close out the analysis of a proposed village near Wolf Creek Ski Area.

The agency said it has not received an application from developers for an environmental study of the project.

The controversial development, backed by Texas billionaire Red McCombs, has been delayed for years and faced additional environmental reviews before it could move forward.

The initial concept involved a $1 billion village capable of housing as many as 10,000 people on private land next to the rustic ski area.

If developers decide to submit an application in the future, the Forest Service said it "will evaluate and consider the next steps at that time."