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GREENSBORO — Just how big is the American Express decision to locate a data services center in eastern Guilford County?

Even bigger than originally thought.

When word leaked last month that the New York-based financial services and travel giant might build a center here, local leaders said the company’s investment would start at $400 million.

Even at that level, the two-building project would be the largest initial outlay by a private company in the county’s history.

But now, it appears, that number could be closer to $600 million.

Local recruiters and company officials have declined to discuss such matters, but information emerged this week that supports the larger number.

That’s because data centers typically cost between $1,000 and $1,500 a square foot to build.

“That’s just for the facility,” said Rich Miller, editor of Data Center Knowledge, an online publication covering the data center industry. “Once you get into equipping it with all the IT gear, (the cost) goes north from there.”

The largest of the two buildings — and the first to be built — will cover 350,000 square feet and cost between $350 million and $400 million.

A 150,000-square-foot building will serve as a backup for the larger one — and cost $150 million or more.

Although a specific investment total has not been determined, an estimated $600 million project from American Express would have a significant impact on the city and county tax bases. That could ease the burden on local taxpayers.

The tax base is the total value of the property owned by residents and businesses. The higher the value, the more money the government can collect in taxes, which can be used to operate jails and schools and to provide services.

The tax base grows when property owners build something new.

Both Guilford County and Greensboro have seen near flat growth — 1 to 2 percent — during the recession.

If American Express invests $600 million in the project, it would provide Guilford County a 1.3 percent bump in its tax base, said county Budget Director Michael Halford.

That would add $4.3 million to the county’s coffers annually — more than Guilford County spent on environmental health this year.

The portion of the project located within city limits would also provide income to Greensboro. If that backup building is worth $200 million, Greensboro would collect $1.3 million in property taxes annually based on the current tax rate, Greensboro Budget Director Larry Davis said.

With the slow growth in recent years, that kind of boost would be significant.

Adding $200 million would increase Greensboro’s tax base by three-quarters of a percent. This year, the tax base is expected to grow 1.5 percent.

“To get that in a single project is nice because otherwise that kind of growth requires lots and lots of little things happening,” Davis said.

American Express won’t be little. The company’s initial data center investment will easily exceed those of other recent private sector investments — HondaJet at $100 million and the FedEx cargo hub at $300 million.

“This is still the largest,” Rob Bencini, a business development consultant and former economic developer for Guilford County, said of American Express.

Although local recruiters declined to talk about the company’s initial investment, they also had little to say about American Express’ ultimate outlay. After the project first came to light, local officials said the company could eventually invest more than $1 billion here.

“A billion dollars is a relatively conservative estimate at where it might end up,” said Pat Danahy, president and CEO of the Greensboro Partnership. “I don’t think (the company) really knows what it will go to.”

Staff Writer Joe Killian contributed to this report.

Contact Donald W. Patterson at 373-7027 or don.patterson@news-record.com

Contact Amanda Lehmert at 373-7075 or amanda.lehmert@news-record.com