BOSTON (WHDH) - Boston Mayor Martin J. Walsh is expected to veto the designation of the city’s iconic Citgo sign as a historical landmark after receiving assurances that it will remain where it is for the next three decades.

Walsh says his decision comes after the oil company and a developer working on the Kenmore Square building the sign currently sits on reached an agreement to keep the sign where it is for the next 30 years.

The developer, Related Beal, says it wants to move the sign slightly, which it wouldn’t be able to do if Walsh had designated it as a historical landmark.

“We are pleased to share that we have reached a long-term resolution that will preserve the Citgo sign and allow for it to remain in place in Kenmore Square for years to come,” Walsh said in a statement, “recognizing the significance that this sign has on our landscape in Boston, while balancing the opportunity for our horizons to continue evolving in future years.”

The proposal to move the sign is still making its way through the formal process.

This is a developing news story; stay with 7News on-air and online for the latest details.

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