Cook the potato pieces in boiling water for 5 minutes. Drain and rinse; set aside.
Heat the oil and butter in a large French (Dutcoven over medium heat. Add onion, celery and bell pepper. Cook, stirring occasionally, for 5 minutes. Add the garlic and thyme and cook, stirring, until onion and celery are softened, an additional 5 minutes.
Add the flour, salt and pepper and stir until the flour is completely incorporated. Add the broth and bring mixture to a boil.
Once broth is boiling, add the corn, cream, potatoes, paprika and cayenne pepper. Allow mixture to simmer, stirring occasionally, for 15 minutes or until potatoes are tender but still firm.
Remove from heat and allow to sit for 15 minutes; taste and adjust seasonings if needed. Serves 4 to 6.
Enjoy with cornbread or a fresh baguette.