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If a portion of a lot or parcel of land which meets the minimum lot area requirements of a respective zone is acquired for public use in any manner, including dedication, condemnation, or purchase, and such acquisition reduces the area below such minimum requirements, the remainder of such lot or parcel shall nevertheless be considered as having the required minimum lot area if all of the following conditions are met:

(1) Such lot or parcel contains a rectangular space of at least thirty (30) by forty (40) feet exclusive of applicable front and side yard requirements, and exclusive of one-half (1/2) of the applicable rear yard requirements, and such rectangular space is usable for a principal use or structure.

(2) The remainder of such lot or parcel of land has an area of at least one-half (1/2) of the required lot area of the zone in which the lot or parcel is located except that in zones requiring a lot area of fifteen thousand (15,000) square feet or more, a lot area of not less than six thousand (6,000) square feet shall be required.

(3) The remainder of such lot or parcel of land has access to a public street with a width of not less than twenty (20) feet.