The below line of config code had to be changed to 4.0.0.0
<host factoryType="System.Web.Mvc.MvcWebRazorHostFactory, System.Web.Mvc, **Version=3.0.0.0**, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
changed to
<host factoryType="System.Web.Mvc.MvcWebRazorHostFactory, System.Web.Mvc, **Version=4.0.0.0**, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />