Why does Excel-DNA's CreateExcelAddIn function not find TlbExp.exe when SDK-style project property settings are used to create a ComServer?

Question

I get the following error - when I use the SDK-style project property settings to configure a ComServer project.

1>MSBUILD : ExcelDnaBuild error DNA126955310: The system cannot find the file specified 1>MSBUILD : ExcelDnaBuild error DNA126955310: System.ComponentModel.Win32Exception (0x80004005): The system cannot find the file specified