In 4-quart saucepan, melt butter over medium heat. Add onion and red pepper and cook, stirring often, 5 minutes, or until vegetables are tender.
Add potatoes, chicken broth, thyme, salt, pepper, and water. Heat to boiling; boil 10 minutes, or until potatoes are fork=tender.
Meanwhile, cut corn kernels from cobs. With back of knife, scrape cobs to release milk. Add corn kernels and their milk to pan and cook 5 minutes.
Stir in half & half; heat through (do not boil).
Cool completely. Measure into ziplock bags and carefully seal, eliminated as much air as possible. Freeze flat. (Or store in freezer containers.)
To serve from frozen: Thaw. Reheat over low heat. Serve garnished with bacon, if desired.