Peabody Mayor Ted Bettencourt announced Wednesday morning that Peabody Veterans Memorial High School had been selected to participate in the Massachusetts School Building Authority’s funding program, meaning the city will be home to a newly renovated high school in “just a few years,” the mayor said.

“Although much work lies ahead… (this) represents a major milestone for our city,” Bettencourt said.

Renovation of the high school, or construction of an entirely new building, has been a major priority for city officials dating back years. Peabody had applied to the MSBA for a new high school a number of times before finally getting accepted to the program this year.

Bettencourt said it is his view that a high school should serve as a flagship building for its community, and with PVMHS in its current state, it doesn’t function as it should.

“We are pouring hundreds of thousands of dollars every year into that building… just to keep (it) going,” Bettencourt said, adding he believes the building is energy inefficient. “The technology, the science labs, they’re old and outdated. Thankfully we have tremendous teaching and course offerings in that building… but it has fallen behind.”

Bettencourt said in an ideal world, the high school would serve as more than an 8 a.m. to 3 p.m. learning environment, providing opportunities for additional programming, including in the performing arts and sports.

“It really needs to be a central part of any city,” he said.

Superintendent of Schools Josh Vadala said in August, when the MSBA announced it would be conducting a site visit at PVMHS, that “this community deserves a new high school.”