An improvement district may also be created as authorized in Section 3-33-1 NMSA 1978 in order 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; or
E. adequate subdivision grading both on or off the public right-of-way.