1. Preheat oven to 350 F. Coat a 9" square pan with cooking spray.
2. To prepare the streusel, combine flour, granulated sugar, and brown sugar. Cut in butter with a pastry blender or two knives until crumbly. Stir in almonds.
3. To prepare the cream cheese, combine cream cheese and granulated sugar, stir until smooth.
4. To prepare the cake, beat butter, granulated sugar, egg, and vanilla and almond extracts until evenly blended. Turn to low speed, add flour, baking powder, and salt alternately with milk; beat until blended. Pour into prepared pan. Top with small spoonfuls of cheese mixture. Top with cherries and sprinkle with streusel.
5. Bake 50 minutes or until cake begins to pull away from sides of pan. Cool on wire rack. Serve warm.
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