The Boston Redevelopment Authority (BRA) announced on Friday that it has reached an agreement with the Boston Red Sox that allows the continued use of property rights in Yawkey Way, and air rights above Lansdowne Street for the Green Monster seats. 

The BRA will present the agreement to its board of directors for approval at its regularly scheduled meeting on Sept. 26. The current agreement with the BRA, initiated in 2003, was set to expire in at the end of the baseball season.

"The Boston Red Sox investment has spurred $2.2 billion of new private non-institutional investment in the Fenway neighborhood since 2002, and the BRA projects this trend to continue as their commitment to the Fenway Park improvements are now secure," BRA Director Peter Meade said in a statement.

The new agreement will generate $7.34 million in revenue. Broken down, the Sox will pay $4,873,657 for 17,300 square feet of Yawkey Way only on days when there is a city-licensed event at Fenway Park-approximately 120 days a year-and $2,466,720 for the air and subterranean rights on Lansdowne Street for the Green Monster seats.  

The agreement also allows for the creation of a new street in the Fenway, Richard B. Ross Way.  The BRA has acquired a 6,500-square-foot easement in property from the Red Sox for $2.7 million. The street will provide a new link between Boylston and Van Ness Streets, and eventually to Brookline Avenue.

This public way is part of the long-term Fenway neighborhood master plan. The agreement will dedicate $100,000 a year for 10 years, or $1 million, to Fenway neighborhood beautification projects.