New land use or development on lots, parcels or sites conveyed by individuals who own such land on the date of May 22, 1973, when the Adirondack Park Law became effective, to members of their immediate families by bona fide gift, devise or inheritance shall be exempt from the overall intensity guidelines and the minimum lot size area specified in Article VI for the purpose of allowing only said member of the immediate family to construct one single-family dwelling on any such lot, parcel or site. All other permit requirements and the provisions and restrictions of this chapter shall still apply.