An improvement district may also be created as authorized in Chapter 3, Article 33 NMSA 1978 in order to construct, repair and maintain in one or more locations facilities for the parking of motor vehicles off the public streets or to construct or acquire, repair, operate and maintain one or more of the following inadequacies necessary to bring a premature subdivision into compliance within an improvement district within a municipality:
A. street right-of-way or street access control;
B. drainage easements or right-of-way;
C. park, recreation or open space areas;
D. overall grading and drainage plan; and
E. adequate subdivision grading both on or off the public right-of-way.