Preheat oven to 350°F. Spray a 10 to 12-cup Bundt® pan with nonstick baking spray with flour; set aside.

In medium bowl, sift together 1 ¾ cups cake flour, baking powder, baking soda and salt; set aside.

In bowl of stand mixer fitted with paddle attachment, beat butter, cream cheese and sugar on medium until well combined. Add eggs, lemon extract and lemon zest; beat 2 minutes on medium-high or until very light and fluffy.

With mixer on low speed, alternately add flour mixture and milk to cream cheese mixture. Scrape sides of bowl to ensure batter is thoroughly mixed. Blend just until combined.

Toss remaining ¼ cup cake flour with maraschino cherries and hazelnuts. Fold into batter.

Pour batter into prepared pan. Tap gently on counter to release air bubbles. Bake for 40 – 45 minutes, or until a toothpick or cake tester comes out clean and cake is golden brown and internal temperature is 200°F – 210°F. Cool cake in the pan on a wire rack for 15 minutes. Run knife around edges of pan to loosen sides of cake. Remove cake from pan; cool completely on wire rack.

For lemon glaze: In medium bowl, whisk together confectioners’ sugar and lemon juice to make desired drizzling consistency. Drizzle glaze over cooled cake and garnish with cherries and hazelnuts, if desired.