The shelf is a fruiting body — the reproductive structure. The organism has been living inside the wood digesting it long before anything appeared on the outside. So the shelf is not the problem, it is the announcement. The practical translation is that there is a volume of decayed wood inside the trunk or the root collar, and the real job is establishing how much sound wood remains around it and whether that remaining shell is enough to hold the tree up. In Speedway — Old Speedway City (Speedway Historic District), Speedway Manor and Main Street corridor included, that's normally a hazardous tree removal job at $800–$5,000. Within weeks.
Why this comes up in Speedway
Speedway was laid out in 1912 as a residential suburb by Indianapolis Motor Speedway founders Carl Fisher, James Allison, Frank Wheeler and Arthur Newby — a "horseless city" for auto-industry workers. The Speedway Historic District (41.6 acres, 304 contributing buildings, NRHP September 15, 2005) built out from about 1912 to 1955 in Foursquare and Craftsman bungalow styles; the town then more than doubled, from 5,498 people in 1950 to 14,523 in 1970, and new single-family construction has been close to nil since the 1990s.
Speedway's canopy
No public street-tree inventory has been published for Speedway, so species counts are UNVERIFIED. Because the residential core finished building out by the mid-1950s and has barely been rebuilt since, much of the yard canopy is likely of comparable age and large enough to close over narrow streets and 40-to-50-foot lots — an inference from build-out dates, not a measured finding. The exception is Main Street, where a town streetscape reconstruction installed all-new landscaping, so those trees are recent.
Marion County rules
Indiana has no statewide tree removal permit, and no Speedway ordinance requiring a permit to remove a tree on private property is documented in the sources reviewed. Important caveat: Speedway is an excluded town under Unigov and maintains its own municipal code separate from Indianapolis, and the full Speedway code text could not be retrieved, so the exact local text is UNVERIFIED. Marion County's zoning ordinance does state a purpose of protecting and enhancing tree cover and the countywide code carries a "Trees and Flora" chapter, but the section citations are unconfirmed and whether they bind Speedway is unconfirmed. Call the Speedway Street Department before touching anything near the street line.
The tree lawn in Speedway
The tree lawn is town right-of-way, and critically it is Speedway's right-of-way, not Indianapolis'. Speedway runs its own Street Department rather than relying on Indy DPW, so right-of-way work is cleared with the town. Who bears the cost of removing an existing tree-lawn tree is UNVERIFIED.