An improvement district may also be created as authorized in Section 3-33-1 N.M. Stat. Ann. 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:

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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; or

E. adequate subdivision grading both on or off the public right-of-way.