Boston and Northeastern University struck “landmark” agreements Thursday that clear the way for a major campus overhaul — including the redevelopment of Matthews Arena — and secure more than $130 million in payments and community benefits.

The new Institutional Master Plan includes $62.5 million in community benefits over 10 years, along with $16.5 million in community benefits and $6 million in linkage funding to support affordable housing and workforce training explicitly tied to the Matthews Arena project.

A separate Payment-in-Lieu-of-Taxes agreement commits Northeastern to more than $49 million in cash and additional benefits over the next five years.

“Boston thrives when our leading institutions match their global reach with a deep commitment to our neighborhoods,” Mayor Michell

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