A new Manchester airport, expected to be completed within the next two years using the proceeds of $42.5 million state-guaranteed bonds priced last week, will take advantage of a largely untapped reservoir of air travelers, an administrator said yesterday.

"Market penetration is really very low, and that is because many airlines look at this as an extension of the Boston airport, and they're wrong, totally wrong," said Alfred Testa Jr., director of the Manchester Airport. "This is a separate and distinct market, and as such, has tremendous potential for those airlines interested in serving it."

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