Execution permission cannot be acquired - FileLoadException: Could not load file or assembly 'Microsoft.VisualStudio.Web.PageInspector.Runtime

I'm trying to setup an old MVC 3 Application on my development machine and trying to make it work. I'm getting he following error. I'm not sure how to resolve this. I appreciate any help over this.

Execution permission cannot be acquired.

Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code. 

Exception Details: System.Security.Policy.PolicyException: Execution permission cannot be acquired.

Source Error: 

An unhandled exception was generated during the execution of the current web request. Information regarding the origin and location of the exception can be identified using the exception stack trace below.

Stack Trace: 


[PolicyException: Execution permission cannot be acquired.]
   System.Security.CodeAccessSecurityEngine.TryResolveGrantSet(Evidence evidence, PermissionSet& grantSet) +11652088
   System.Security.CodeAccessSecurityEngine.ResolveGrantSet(Evidence evidence, Int32& specialFlags, Boolean checkExecutionPermission) +44

[FileLoadException: Could not load file or assembly 'Microsoft.VisualStudio.Web.PageInspector.Runtime, Version=15.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a' or one of its dependencies. PolicyException thrown. (Exception from HRESULT: 0x80131416)]
   System.Reflection.RuntimeAssembly._nLoad(AssemblyName fileName, String codeBase, Evidence assemblySecurity, RuntimeAssembly locationHint, StackCrawlMark& stackMark, IntPtr pPrivHostBinder, Boolean throwOnFileNotFound, Boolean forIntrospection, Boolean suppressSecurityChecks) +0
   System.Reflection.RuntimeAssembly.nLoad(AssemblyName fileName, String codeBase, Evidence assemblySecurity, RuntimeAssembly locationHint, StackCrawlMark& stackMark, IntPtr pPrivHostBinder, Boolean throwOnFileNotFound, Boolean forIntrospection, Boolean suppressSecurityChecks) +36
   System.Reflection.RuntimeAssembly.InternalLoadAssemblyName(AssemblyName assemblyRef, Evidence assemblySecurity, RuntimeAssembly reqAssembly, StackCrawlMark& stackMark, IntPtr pPrivHostBinder, Boolean throwOnFileNotFound, Boolean forIntrospection, Boolean suppressSecurityChecks) +152
   System.Reflection.RuntimeAssembly.InternalLoadFrom(String assemblyFile, Evidence securityEvidence, Byte[] hashValue, AssemblyHashAlgorithm hashAlgorithm, Boolean forIntrospection, Boolean suppressSecurityChecks, StackCrawlMark& stackMark) +102
   System.Reflection.Assembly.LoadFrom(String assemblyFile) +34
   Microsoft.VisualStudio.Web.PageInspector.Runtime.Loader.RuntimeLoader.GetRuntimeAssemblyFromRegistry(Assembly& runtime) +23
   Microsoft.VisualStudio.Web.PageInspector.Runtime.Loader.RuntimeLoader.LoadRuntime() +21
   Microsoft.VisualStudio.Web.PageInspector.Runtime.Loader.RuntimeLoader.PreApplicationStart() +46

[InvalidOperationException: The pre-application start initialization method PreApplicationStart on type Microsoft.VisualStudio.Web.PageInspector.Runtime.Loader.RuntimeLoader threw an exception with the following error message: Could not load file or assembly 'Microsoft.VisualStudio.Web.PageInspector.Runtime, Version=15.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a' or one of its dependencies. PolicyException thrown. (Exception from HRESULT: 0x80131416).]
   System.Web.Compilation.BuildManager.InvokePreStartInitMethodsCore(ICollection`1 methods, Func`1 setHostingEnvironmentCultures) +613
   System.Web.Compilation.BuildManager.InvokePreStartInitMethods(ICollection`1 methods) +141
   System.Web.Compilation.BuildManager.CallPreStartInitMethods(String preStartInitListPath, Boolean& isRefAssemblyLoaded) +102
   System.Web.Compilation.BuildManager.ExecutePreAppStart() +157
   System.Web.Hosting.HostingEnvironment.Initialize(ApplicationManager appManager, IApplicationHost appHost, IConfigMapPathFactory configMapPathFactory, HostingEnvironmentParameters hostingParameters, PolicyLevel policyLevel, Exception appDomainCreationException) +531

[HttpException (0x80004005): The pre-application start initialization method PreApplicationStart on type Microsoft.VisualStudio.Web.PageInspector.Runtime.Loader.RuntimeLoader threw an exception with the following error message: Could not load file or assembly 'Microsoft.VisualStudio.Web.PageInspector.Runtime, Version=15.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a' or one of its dependencies. PolicyException thrown. (Exception from HRESULT: 0x80131416).]
   System.Web.HttpRuntime.FirstRequestInit(HttpContext context) +9946132
   System.Web.HttpRuntime.EnsureFirstRequestInit(HttpContext context) +90
   System.Web.HttpRuntime.ProcessRequestNotificationPrivate(IIS7WorkerRequest wr, HttpContext context) +261