An improvement district may also be created as authorized in N.M. Stat. Ann. Chapter 4, Article 55A 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:

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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.