Combine chicken, water, celery, bay leaf and salt in 3 quart saucepan. Heat to boiling and reduce heat to simmer until chicken is tender, about 25 minutes.
Remove chicken from the stock and allow to cool on a plate. Transfer stock to another bowl.
Once the chicken has cooled, remove and discard bones. Dice chicken into bite-sized pieces.
Melt butter in 3 quart saucepan; cook onion, celery, and red pepper until soft but not brown. Add garlic and stir.
Stir in flour; gradually stir in milk and reserved chicken stock. Add cubed potatoes; simmer until tender (15-20 minutes). Stir in diced chicken, corn, salt, cumin and pepper; heat through.