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

The current agreement with the BRA, initiated in 2003, was set to expire at the end of this baseball season. The new agreement will generate $7.34 million in revenue, according to information from the BRA.

The contract also allows for the creation of a new street in the Fenway, to be called Richard B. Ross Way. The BRA has acquired a 6,500-square-foot property easement from the Red Sox for $2.66 million. The street will provide a new link between Boylston and Van Ness streets, and eventually to Brookline Avenue, part of the long-term Fenway neighborhood master plan to enhance redevelopment opportunities in the neighborhood.

"[The Red Sox] are a tremendous economic catalyst – since 2003, they have paid more than $28 million in taxes as to the City of Boston, and generated nearly $2 billion in visitor spending. We can only imagine the impact this will have as our partnership continues," Mayor Thomas M. Menino said in a statement.

According to the agreement, the Red Sox will pay $4.87 million for 17,300 square feet of Yawkey Way approximately 120 days a year when there is a city-licensed event at Fenway Park. The Sox will also pay $2.46 million for the air and subterranean rights on Lansdowne Street for the Green Monster seats.

The team will continue to pay property taxes to the city, which are tied to their revenue income at the ballpark.

"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 the statement.