The new three-year deal commits Bellyache to the Storm until 2021, which will be his 19th season with the club.
Ahead of his side's clash with the Newcastle Knights at McDonald Jones Stadium on Sunday, the 58-year-old revealed the reasoning behind his decision.
"It is (a relief), it's been going on for a while but there was a fair few things, footy-wise and family-wise that needed to be sorted out," Bellamy said.
"Everyone's glad the decision is made and everyone can move on. It was a really tough decision, there was a lot of things to think about, but it's a relief for everyone that it's done and dusted now.
"I wouldn't think there was one major factor (that got the deal over the line), there was a whole heap of things.
"The main thing would be that the Storm gave me my opportunity to coach in the NRL, and I feel a real bond with the players down there, probably more so the older players as well.
"In this career, I don't go looking for challenges, they happen every day. It will be a difficult time for the club when those guys (Billy Slater and Cameron Smith) go, they give the club such a big profile in a place that needs it (rugby league in Melbourne).
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