I have experienced the same situation and managed to fix the problem with these steps,
- Read the error information carefully which provides helpful details to rectify the situation.
- I wouldn't change the machine.config file.
- As it says Application cannot find a reference to the assembly MySql.Web and the version it is trying to reference is Version=6.7.4.0.
- Based on path you install MySql you will be able to find the correct assembly files, ex : C:\Program Files\MySQL\Connector NET 6.7.4\Assemblies\v4.0\MySql.Web.dll
- Copy C:\Program Files\MySQL\Connector NET 6.7.4\Assemblies\v4.0\MySql.Web.dll file to bin folder. (I would copy all the files in C:\Program Files\MySQL\Connector NET 6.7.4\Assemblies\v4.0\ folder to bin folder)
Hope this helps!
Thanks