SKF, a Swedish maker of industrial lubrication systems, plans to relocate its local factory to the NorthPark development, officials said Monday.

The company intends to close its factory just off Goodfellow Boulevard in St. Louis and move its operations to NorthPark, an industrial park in north St. Louis County. Officials said construction of the nearly 311,000-square-foot plant could begin this fall and be completed in December 2015.

SKF’s approximately $55 million project would preserve the 388 jobs at the existing plant and generate 73 additional jobs over the next six years, officials said.

The project is contingent on tax incentives from the state and St. Louis County. The county would grant 50 percent tax abatement on real and personal property taxes for 10 years. Legislation to grant the incentives was to be introduced before the St. Louis County Council at its meeting Tuesday. The incentives could reach $859,000 on the plant’s equipment and $7.4 million on the plant, officials said.

State incentives for the project would come from the Missouri Works program, which provides tax breaks based on jobs created, officials said. The amount of the incentive depends on how many new jobs are produced.