(a) A lot of record at the time of adoption of this Zoning Ordinance which does not meet the minimum lot area and width requirements may be occupied by a permitted use, provided that yard and other requirements of this Zoning Ordinance are met, and provided that the owner does not own any adjoining land at the time of passage or amendment of this Zoning Ordinance.
(b) The lot area requirement of Section 1117.02 shall not apply to lots contained in subdivisions which are the subject of an agreement by the owner or developer wherein the owner or developer has conveyed or agrees to convey acreage contained in or contiguous to such subdivision to the City for public purposes, thereby reducing the area available for private uses and development. Where such agreements exist, the area so conveyed to the City may be added pro rata to each lot in the residential subdivision for purposes of computing the minimum lot area requirements of Section 1117.02 hereof. However, in no event shall any residential lot in any R-2 Residential District be smaller than 6,480 square feet.