Cannot build and run the ASP.NET Boilerplate MVC 5 template

I have recently downloaded the MVC5 ABP template, the project compiles but I get 109 warnings. When executing the project, I get a YSOD.

• ABP v3.0.0
• .Net Framework 4.6.1
• Visual Studio 2017
• IIS 7

I get the following error message on YSOD:

Cannot load a reference assembly for execution.

[BadImageFormatException: Cannot load a reference assembly for execution.]

[BadImageFormatException: Could not load file or assembly 'netfx.force.conflicts' or one of its dependencies. Reference assemblies should not be loaded for execution.  They can only be loaded in the Reflection-only loader context. (Exception from HRESULT: 0x80131058)]
   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.InternalLoad(String assemblyString, Evidence assemblySecurity, StackCrawlMark& stackMark, IntPtr pPrivHostBinder, Boolean forIntrospection) +77
   System.Reflection.RuntimeAssembly.InternalLoad(String assemblyString, Evidence assemblySecurity, StackCrawlMark& stackMark, Boolean forIntrospection) +21
   System.Reflection.Assembly.Load(String assemblyString) +28
   System.Web.Configuration.CompilationSection.LoadAssemblyHelper(String assemblyName, Boolean starDirective) +38

[ConfigurationErrorsException: Could not load file or assembly 'netfx.force.conflicts' or one of its dependencies. Reference assemblies should not be loaded for execution.  They can only be loaded in the Reflection-only loader context. (Exception from HRESULT: 0x80131058)]
   System.Web.Configuration.CompilationSection.LoadAssemblyHelper(String assemblyName, Boolean starDirective) +726
   System.Web.Configuration.CompilationSection.LoadAllAssembliesFromAppDomainBinDirectory() +196
   System.Web.Configuration.CompilationSection.LoadAssembly(AssemblyInfo ai) +45
   System.Web.Compilation.BuildManager.GetReferencedAssemblies(CompilationSection compConfig) +172
   System.Web.Compilation.BuildManager.GetPreStartInitMethodsFromReferencedAssemblies() +91
   System.Web.Compilation.BuildManager.CallPreStartInitMethods(String preStartInitListPath, Boolean& isRefAssemblyLoaded) +111
   System.Web.Compilation.BuildManager.ExecutePreAppStart() +156
   System.Web.Hosting.HostingEnvironment.Initialize(ApplicationManager appManager, IApplicationHost appHost, IConfigMapPathFactory configMapPathFactory, HostingEnvironmentParameters hostingParameters, PolicyLevel policyLevel, Exception appDomainCreationException) +677

[HttpException (0x80004005): Could not load file or assembly 'netfx.force.conflicts' or one of its dependencies. Reference assemblies should not be loaded for execution.  They can only be loaded in the Reflection-only loader context. (Exception from HRESULT: 0x80131058)]
   System.Web.HttpRuntime.FirstRequestInit(HttpContext context) +772
   System.Web.HttpRuntime.EnsureFirstRequestInit(HttpContext context) +95
   System.Web.HttpRuntime.ProcessRequestNotificationPrivate(IIS7WorkerRequest wr, HttpContext context) +196

I get a around 60 warnings for missing references such as:

The referenced component 'System.Xml.XmlDocument' could not be found.   

I get a few warnings like this:

Found conflicts between different versions of the same dependent assembly. Please set the "AutoGenerateBindingRedirects" property to true in the project file. For more information, see http://go.microsoft.com/fwlink/?LinkId=294190. 

And also this guy:

Found conflicts between different versions of the same dependent assembly. In Visual Studio, double-click this warning (or select it and press Enter) to fix the conflicts; otherwise, add the following binding redirects to the "runtime" node in the application configuration file: etc.

Going with VS's suggestions for resolving the conflicts...did not make any difference other than to remove the warning.

[BadImageFormatException: Cannot load a reference assembly for execution.]

Delete the bin folder in the Web project and rebuild the solution.

The type 'Object' is defined in an assembly that is not referenced. You must add a reference to assembly 'netstandard, Version=2.0.0.0, Culture=neutral, PublicKeyToken=cc7b13ffcd2ddd51'.

ABP v3.0.0 is based on .NET Standard 2.0.

• This concerns you regardless if you are on MVC 5.x, .NET Framework 4.x or .NET Core 2.x.
• You should use VS2017 15.3.3+.