The group would restore the park's more than 100 buildings, Hart said.
Hart's goal is to reopen the park in the spring of 2014.
"But every day that goes by decreases the ability to meet that goal," said his spokeswoman, Susan McNeese Lynch.
"Ed and his partners hope that the state has the same sense of urgency they do about this project moving forward and generating additional economic benefits for the commonwealth."
Hart projected the reopening would yield $521 million in net new economic benefits over the term of the proposed lease.
Hart made a prior attempt to reopen the park but that proposal was shelved.
The state thought it had finally landed a new park operator earlier this year, but the deal with the family that owns and operates Holiday World in Santa Claus, Ind., fell apart in June.
That spurred the state to again seek offers to operate the park, which prompted the new offer from Hart and his partners.
Hart said his group would essentially accept the same lease terms the state approved for the Holiday World investors.
Hart said his group is eager to meet with state officials to discuss its proposal and "iron out the details." Along with Glasscock, Hart's partners in the proposed venture are Bruce Lunsford and the Al J. Schneider Co.