The position function of the ball is given by:
\[ s(t) = -16t^2 + 256t \]
This function describes the height \( s \) of the ball at any time \( t \).
To find the time when the ball reaches a height of 880 ft, set the position function equal to 880:
\[ -16t^2 + 256t = 880 \]
Rearrange the equation to form a standard quadratic equation:
\[ -16t^2 + 256t - 880 = 0 \]
Divide the entire equation by -16 to simplify:
\[ t^2 - 16t + 55 = 0 \]
Use the quadratic formula to solve for \( t \):
\[ t = \frac{-b \pm \sqrt{b^2 - 4ac}}{2a} \]
where \( a = 1 \), \( b = -16 \), and \( c = 55 \).
\[ t = \frac{-(-16) \pm \sqrt{(-16)^2 - 4 \cdot 1 \cdot 55}}{2 \cdot 1} \]
\[ t = \frac{16 \pm \sqrt{256 - 220}}{2} \]
\[ t = \frac{16 \pm \sqrt{36}}{2} \]
\[ t = \frac{16 \pm 6}{2} \]
This gives two possible solutions for \( t \):
\[ t = \frac{22}{2} = 11 \quad \text{and} \quad t = \frac{10}{2} = 5 \]
Since the ball is launched upwards, it first reaches 880 ft at \( t = 5 \) seconds.
The velocity function is the derivative of the position function:
\[ v(t) = \frac{d}{dt}(-16t^2 + 256t) = -32t + 256 \]
Substitute \( t = 5 \) into the velocity function:
\[ v(5) = -32(5) + 256 \]
\[ v(5) = -160 + 256 \]
\[ v(5) = 96 \]
The velocity of the ball when it first reaches a vertical height of 880 ft is \(\boxed{96 \, \text{ft/s}}\).