The city of Orlando, Florida has officially terminated its contract with the company hired to demolish the old bank building known as the "Round Building."

Remnants of the Round Building are still outside of the new Dr. Phillips Center for the Performing Arts, despite the seven-day deadline given by the city to Crusader Contracting.

The city sent the company a letter of termination on Wednesday, saying "The City of Orlando ("City") has attempted in good faith to work with you and Crusader to bring the above referenced Project to a close. It has been determined that Crusader has failed to perform as stipulated in a number of Articles in the Agreement, with the most egregious being the inability to meet the project schedule over the last six (6) months in violation of the Agreement..."

The city also said Crusader Contracting will not be considered for contracts from the City of Orlando for up to a period of five years.