IIS Express - 500.19 Cannot read configuration file - because it's looking at the wrong path

I recently renamed my root TFS folder from D:\TFS\systemstfs to D:\TFS\sys because one of the project's paths was too long for Windows. Now, when I attempt to run a different project (D:\TFS\sys\companydomain.com\Dev\Flowers\wsBusinessLayer) in VS2013 using IIS Express (Project URL http://localhost:59729/Flowers/wsBusinessLayer/) I get the following error message in the browser:

HTTP Error 500.19 - Internal Server Error
The requested page cannot be accessed because the related configuration data for the page is invalid.

Module - IIS Web Core
Notification - BeginRequest
Error Code - 0x80070003
Config Error - Cannot read configuration file
Config File - \?\D:\TFS\systemstfs\companydomain.com\Dev\Flowers\web.config
Requested URL - http://localhost:59729/Flowers/wsBusinessLayer/InformationServices.asmx
Physical Path - D:\TFS\sys\companydomain.com\Dev\Flowers\wsBusinessLayer\InformationServices.asmx

(emphasis mine, D: is the second HDD on my machine, not a network share)

It's clear to me what the problem is (the config file path is wrong) but I have no idea how to fix it. I have tried:

Enabling "break on CLR exceptions when thrown"
Re-getting the solution from TFS
Rebooting
Switching to use IIS and then back to Express
Googling 500.19, 0x80070003, wrong path, cannot read configuration file, and various combinations of those terms

But have had no luck. Has anyone come across this before?

Solution

Turns out I had to edit %USERPROFILE%\Documents\IISExpress\config\applicationhost.config in the following way -

<configuration>
  <system.applicationHost>
    <sites>
      <site name="wsBusinessLayer">
        <application path="/">
           <virtualDirectory path="/Flowers" physicalPath="D:\TFS\sys\companydomain.com\Dev\Flowers" />

I don't know how this file gets changed "properly", but editing it manually worked fine.