Any person subdividing lands or initiating construction of any structure on already subdivided lands shall convey to the City a covenant running with the land for air rights purposes. Such covenant shall inure to the benefit of the city and the state, divesting the owner of the lands subdivided or built on and his or her successors in interest from any cause of action arising out of the overflight of aircraft, except for the negligent operation of aircraft, above a plane, the floor of which is 750 feet above ground level. (Code 1979, § 4-1)