An underdeveloped parcel or lot is a parcel that contains a residential unit or commercial use that does not take advantage of the full density permitted in the underlying zoning classification. It is a lot that may or may not have been part of a previous subdivision, short subdivision, binding site plan or formally developed site. For the purposes of this definition an underdeveloped parcel or lot shall refer only to a lot which is larger than 10,890 square feet and smaller than one acre in size and is in a configuration which will allow the parcel or lot to be re-divided or utilized for additional development or use in conformance with the requirements of LMC 15.32.060 and Chapter 14.23 LMC. (Ord. 1218 §7, 2004).