Combine butter and olive oil in large saucepan over medium heat. Add onions, carrots, celery and garlic and saute 4 minutes. Stir often. Add flour and stir well 1 minute. Add salsa, green chilies, cumin and red pepper. Stir until a thick paste forms.
Add chicken broth, tomatoes and corn. Stir will, scraping sides and bottom of pan to loosen all the flour. Bring to a boil, then reduce to a simmer and add chicken. Cook 8 minutes, stirring occasionally.
Warm cream in microwave or on stovetop, then add to the soup along with cilantro. Bring back to a simmer. Add cheese, remove pan from heat and stir until cheese is melted. Serve immediately.