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Light grill, medium high heat. Combine mayonnaise, sour cream, cheese, chili powder, garlic, and cilantro in a large bowl. Mix well.
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When grill is hot, place corn directly over hot side of grill and cook, rotating occasionally, until cooked through and charred in spots on all sides, about 8 minutes total.
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Transfer corn to bowl with cheese mixture and use a large spoon to evenly coat corn on all sides with mixture.
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Sprinkle with extra cheese and chili powder and serve immediately with lime wedges.