Street gets $7.2 million this year, $7.3 million in 2011 and $7.5 million 2012. The agreement, which avoided arbitration, includes a a $9 million mutual option for 2013 with a $500,000 buyout if the club declines to exercise.
"For me, it was going to be hard for me not to sign," Street said. "I won't have to worry about my security and my family's security, at least for the next three years."
Colorado also agreed Wednesday to a minor league contract with pitcher Tim Redding. The right-hander, who turns 32 on Feb. 12, went 3-6 with a 5.10 ERA in 17 starts and 13 relief appearances for the New York Mets last season.
Street is the cornerstone of a spate of players the Rockies have re-signed this month, including outfielder Ryan Spilborghs, second baseman Clint Barmes and pitchers Rafael Betancourt, Jason Hammel, Jorge De La Rosa and Taylor Buchholz.
"We want to stay together," Street said. "Everybody believes in what we've got going here. We've got a good thing going here."
Street solidified the Rockies' bullpen last season by saving 35 games in 37 chances. He stumbled against Philadelphia in the playoffs, though, taking a pair of losses.
The right-hander missed the final month of the regular season with soreness in his biceps tendon, but said that played no role in his postseason failures.
"I didn't get it done. I had two bad days," Street said. "I was 100 percent. I was 100 percent mentally focused. In the end, it cost us the season and the series. The emotional part of it went away the next day, but the season sticks with you."
Street said he feels great and is eager to anchor a bullpen on a playoff team he figures will only get better, especially with manager Jim Tracy, who was 74-42 after taking over from Clint Hurdle, having signed on for the long term, too.
"The guys are the reason I signed. The chemistry is good and chemistry isn't all about camaraderie. We have a strong bond among our pitchers where there is trust in each other," Street said. "We lost Jason Marquis, but we have Jeff Francis back, Jason Hammel has more experience and [ace Aaron] Cook is Cook."
Francis is coming back from arm surgery that cost him the entire 2009 season.
Redding, who turns 32 on Feb. 12, went 3-6 with a 5.10 ERA in 30 games, including 17 starts, for the New York Mets last season.
After starting last season on the DL with a strained right rotator cuff, he was 3-5 with a 4.97 ERA as a starter and 0-1 with a 5.63 ERA in 13 relief appearances.
In 2008, Redding led the Nationals in wins (10), starts (33) and strikeouts (120) as a member of the starting rotation. He set career-high marks in each of those categories as well as innings pitched (182)
If added to the 40-man roster, Redding would get a $1 million, one-year contract and the chance to earn about $500,000 in performance bonuses based on starts and approximately $200,000 based on games.