A lot owned individually and separately and separated in ownership from any adjoining tracts of land on the effective date of this chapter, which has a total lot area or lot width less than prescribed in this chapter, provided that the lot was and still is in single ownership, and no opportunity is present to consolidate two or more contiguous lots into a lot conforming to the district requirement, may be used provided such lot shall be developed in conformity with all applicable district regulations other than the minimum lot area, lot width and yards. Existing small lots meeting the above stipulations shall comply with the following permitted building setback reductions: i) Side yards may be proportionately reduced based upon the percentage that the existing small lot is not in compliance, but in no event shall the side yard be less than 10 feet (for example, if the existing small lot is 25% less than the minimum lot size requirement, the side yard may be reduced by 25%, front yard relief shall comply with the average setback of the two existing principal buildings with the greatest setbacks located within 100 feet on each side of the proposed building, provided, however that in no event shall the front yard be less than 15 feet; and ii) rear yards may be proportionately reduced in the same manner as the foregoing, but in no event shall the rear yard be less than 15 feet.