6 bacon slices, finely chopped
1 large sweet onion, finely chopped
3 large carrots, cut into 1/4-inch dice
3 celery ribs, cut into 1/4-inch dice
1 red bell pepper, cut into 1/4-inch dice
3/4 pound Yukon gold potatoes, peeled and cut into 1/4-inch dice
3/4 pound sweet potato, peeled and cut into 1/4-inch dice
4 cups reduced-sodium chicken broth
4 cups water
3 cups fresh corn kernels (cut from about 4 ears) or 1 1/2 pounds (24 ounces) frozen corn kernels (not thawed)
2 cups heavy cream
8 ounces extra-sharp Cheddar, coarsely grated (3 cups)
1 1/2 teaspoons salt
1 teaspoon black pepper
1/2 cup finely chopped fresh basil or parsley
Finely chopped fresh chives or scallions (optional)
Paprika (optional)