Preheat the oven to 350F. Grease a 10 to 12 cup bundt pan.
In a medium bowl, mix together the dry ingredients. Set aside.
In the bowl of a stand mixer, add the brown sugar and butter. Mix until light and fluffy, about 2-3 minutes. Add the eggs one at a time beating after each addition. Mix in the lemon juice and molasses. Mix well to combine, scrapping down the sides and bottom of the bowl as needed.
Add the flour mixture in three additions alternately with the water starting and ending with the flour. Mix until just smooth. Pour the batter into the prepared pan.
Bake for 50-55 minutes, until a toothpick inserted in the center comes out with, at most, a few moist crumbs. Cool in the pan for 10 minutes before turning out onto a wire rack. Cool completely.
MAKE THE GLAZE: Using a hand or stand mixer, beat together the butter and cream cheese. Make sure they are both softened so the glaze isn't lumpy. Add the powdered sugar and mix to combine. Thin the mixture with 1-2 tablespoons of hot water. Microwave the glaze for 15 seconds to make to pourable (but not too hot), then drizzle over the cake.
MAKE IT NUT-FREE: Substitute the almond flour for an additional ⅓ cup gluten-free 1:1 baking flour.MAKE IT DAIRY-FREE: Use shortening instead of butter. You can also use dairy-free cream cheese in the glaze with excellent results. I like the brand Kite Hill almond cream cheese. It works best to use a gluten-free flour blend that contains xanthan gum in this recipe. I like to use gluten-free measure-for-measure flour (also called 1:1 baking flour) blend like King Arthur Flour in my baked goods. I use unsulphured molasses (the regular Grandma's kind you find at the grocery store) for this recipe.