The state of Alabama will provide about $380 million in incentives for the Toyota and Mazda plant coming to Huntsville.

That does not include donation of the site of the plant and other incentives from local governments in or near Huntsville and Limestone County, where the companies will build the $1.6 billion plant.

The local government incentives were not yet final when the project was announced today, Alabama Secretary of Commerce Greg Canfield said.

The plant is expected to create up to 4,000 jobs with an average salary of $50,000, the Department of Commerce said.

The joint venture will receive credits for jobs created and for capital investment under a law known as the Alabama Jobs Act, plus other incentives.

An estimated $90.6 million jobs credit over 10 years (a cash rebate based on a percentage of payroll).

$210 million investment credit over 10 years. (a credit against the companies' income and utilities taxes)

$20 million reimbursement for eligible capital costs.

$25 million state sales tax abatement

$14.3 million abatement of property taxes that don't support education.

$20 million for Alabama Industrial Development Training to build a training facility and recruit and train workers.

Canfield said the incentives offered by the state are smarter and more sustainable since the Legislature updated the incentives law in 2015.

"They require companies to generate economic activity and revenue streams before they begin to participate in those incentives," Canfield said. "It's a smarter way to incentivize. It is pay as you go. But at the same time it rewards companies for meeting their milestones and fulfilling their promises on the agreement that we meet with them."

Canfield said the jobs credit is a performance-based incentive. It's a cash rebate based on a percentage of payroll.

"As the companies hire and build their payroll, they are creating new streams of revenue that flow to the state, to the locals, to education, etc., and we're giving a portion of that as a rebate or an incentive," Canfield said. "It's based on 4 percent of their new payroll available on an annual basis and payable over 10 years."

The investment credit is a tax credit against the companies' income tax and utilities tax.

Toyota-Mazda will be Alabama's fourth auto assembly plant and the first announced since the Hyundai plant in Montgomery in 2002. The Mercedes-Benz plant in Vance was the first, announced in 1993, followed by the Honda plant in Lincoln, announced in 1999.

Analyzing expected payroll and other factors, the Department of Commerce projected that over 20 years the Toyota-Mazda plant would provide these financial benefits:

$5.2 billion in payroll

$1.29 billion in cumulative gross revenue

$951 million in cumulative net revenue to the state

Those numbers do not include any economic benefits from suppliers who come to Alabama because of the plant.

The plant is expected to build up to 300,000 vehicles a year, including the Toyota Corolla and a new Mazda crossover.

As for local incentives, Huntsville City Councilwoman Jennie Robinson said a major component would be that the city would provide a 1,200-acre "mega-site" for the plant.

"In order to be certified as a TVA mega-site, we had to have the sewer, utilities, the roads, the basic infrastructure had to be there," Robinson said. "It was ready to go to build the factory. In addition to that, Toyota required some additional acreage so the city has been acquiring the acreage for that project. The city will then provide similarly the sewer, the roads, the utilities, all the other infrastructure to make it possible for the plant to go up. And not only the plant but all the supporting pieces, the ancillary services that will support that plant."

The Huntsville City Council will hold a public hearing Thursday night on creating a tax increment financing district that includes the plant site. The project development agreement will be on the agenda for council approval. The Limestone County Commission is also involved in the project, as are Madison County, the city of Madison, the city of Athens and Morgan County.

AL.com staff writer Paul Gattis contributed to this report.