Preheat the oven to 325 F, and position a rack in the center of the oven. Thoroughly grease a 10-cup bundt pan with nonstick baking spray (or use your favorite go to combination of butter/shortening and flour to grease and dust the pan, getting it in all the nooks and crannies.)

In the bowl of your stand mixer fitted with the paddle attachment, beat the butter, cream cheese and granulated sugar on medium speed (#4-6 on a Kitchen Aid mixer) for 7 minutes. Scrape the bowl down several times while mixing.

Beat in the eggs, 1 at a time, beating in each egg on medium speed for 1 full minute before adding the next egg. Add the vanilla.

In a bowl, sift together the flour, salt, baking powder and spices. Separately, stir together the milk and sour cream.With the mixer on low, add the flour mixture in 3 additions, alternating with the milk/sour cream, starting and ending with the flour. Increase speed to medium and beat for 15 seconds.

Spread the batter into the prepared bundt pan. Bake for about 40-45 minutes, until a cake tester inserted in the cake comes out clean.

Set the pan on a cooling rack, and cool for 15 minutes. Invert the cake onto the cooling rack, remove the pan, and cover the cake loosely with a clean kitchen towel. Cool for an hour or two, until the cake is just warm or room temperature.

In a bowl, combine the powdered sugar and meringue powder. Add the vanilla bean paste and milk, and stir until smooth and drizzly.

Place the cake on a serving plate, and drizzle generously with the icing, until the cake is covered with glaze. The glaze will start to set and crust over within a few minutes.

Serve the cake slightly warm, or completely cooled to room temperature.