In anticipation of future air travel growth, Bradley International Airport is embarking on two major projects that will cost nearly $230 million aimed at transforming the airport’s terminal and making room for more airlines, passengers and amenities. A companion, $42 million project will include additions to the east and west sides of the terminal. New sets of escalators and elevators will connect the concourse and baggage claim, also creating new lounge areas for people waiting for travelers arriving at the airport. Kevin Dillon, executive director of the Connecticut Airport Authority, which oversees Bradley’s operations, said the projects will help absorb expected airline and passenger growth in the coming years, putting off the need to build a second terminal. The largest chunk of combined financing for the two new projects — $104 million — is expected to come from airport reserves and borrowing through the sale of bonds. Those bonds would be repaid by revenues generated by the airport.