Creating a shared web site library in Visual Studio

There are many ways to create and consume code libraries for use in multiple web site projects within Visual Studio. One of the most popular options is to create a class library project and link to it from multiple web site solutions. A similar alternative is to place the binary dll files that are created when compiling a class library project into the bin directory of each web site solution you want to use it in, and reference it directly. While both of these methods work well (the first generally being the most practical) there are a few things that they cannot easily accomplish.