An improvement district may also be created as authorized in Chapter 4, Article 55A NMSA 1978 in order to construct, repair or maintain improvements in one or more locations as a means to stimulate manufacturing, industrial, commercial or business development 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.