B.C. Place Stadium appears to be taking a key step towards getting a retractable roof in time for the 2010 Olympics.

Sources say B.C. Pavilion Corp. which runs the stadium in downtown Vancouver, is gearing up to deliver a formal proposal which could be delivered to the B.C. cabinet as early as Wednesday.

A new roof would replace the existing Teflon, air-supported covering, which was ripped off during a winter storm last year.

The only question now is whether or not it can be built in time for the opening and closing ceremonies for the 2010 Winter Olympics which are scheduled to be held in B.C. Place.

If the retractable roof plan gets the go-ahead, the construction crews and cranes would have to circle B.C. Place almost immediately.

That's because the opening ceremonies are just 654 days away, a time-frame that would put the construction crews in a race against the clock.

But critics say a race to replace the aging Teflon roof is misguided.

"Putting a retractable roof on that stadium is throwing good money after bad," said Trevor Boddy, a Vancouver based architect.

He puts the replacement cost at $250 million dollars.

"I think its a bit of a fantasy to propose that from a dead start and a few sketches, we'll have that planned, engineered, architected, constructed, poured , finished and open in time for the medals," Boddy said.

Others worry about the potential costs if the project is fast-tracked.

"It's going to be very costly because it's going to be a big rush," said Maureen Bader, B.C. Director with the Canadian Taxpayers Federation.

"So you're going to have a big upfront cost because no developer is going to want to take that risk on without a big payoff or you're going to get big cost overruns," she said.

So if developers are thinking about a retractable roof, Boddy says they might just as well start from scratch.

"It is a silly use of a key urban site for a flawed design and a flawed concept,'' he said. "Let's do it right, no more B.C. misplaced"

PavCo chairman David Podmore has said any costs linked to the upgrades will be recovered through the sale of property around the facility to condominium developers.

The stadium will be used for the opening and closing ceremonies for the 2010 Olympics.