COOK ground beef in large saucepan over medium heat until brown; drain. Melt 1 tablespoon butter in same saucepan over medium heat. Add onion, carrots, celery and basil; cook, stirring occasionally, for about 10 minutes or until tender. Add broth, potatoes and cooked beef; bring to a boil. Reduce heat to low; cover. Cook, stirring occasionally, for 10 to 12 minutes or until potatoes are tender.
MELT remaining butter in small saucepan over medium heat. Add flour; cook, stirring constantly, for 3 to 5 minutes or until bubbly. Add to soup; bring to a boil. Cook, stirring occasionally, for 2 minutes. Reduce heat to low; add cheese, evaporated milk, salt and pepper. Stir until cheese is melted.