Load control template file /_controltemplates/TaxonomyPicker.ascx failed

Event log Error:
Load control template file /_controltemplates/TaxonomyPicker.ascx failed: Could not load type ‘Microsoft.SharePoint.Portal.WebControls.TaxonomyPicker’ from assembly ‘Microsoft.SharePoint.Portal, Version=14.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c’.

Problem:
TaxonomyPicker.ascx located under :\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\TEMPLATE\CONTROLTEMPLATES\  contains  &#44 which is the HTML number for ,

Solution:
Replace &#44 with ,

Old Line:
<%@ Control className=”TaxonomyPickerControl” Language=”C#” Inherits=”Microsoft.SharePoint.Portal.WebControls.TaxonomyPicker&#44;Microsoft.SharePoint.Portal, Version=14.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c” %>

New Line:
<%@ Control className=”TaxonomyPickerControl” Language=”C#” Inherits=”Microsoft.SharePoint.Portal.WebControls.TaxonomyPicker, Microsoft.SharePoint.Portal, Version=14.0.0.0, Culture=neutral, PublicKeyToken=71e9bce111e9429c” %>

NOTE: If the error still keeps occurring after trying out this fix. Please follow Todd Carter’s solution below.

UPDATE:: After doing this fix I received this error again. I checked the Microsoft.SharePoint.Portal assembly and did not find the TaxonomyPicker class!!! So to fix this you may want to rename TaxonomyPicker.ascx to TaxonomyPicker.ascx_broken so we do not try to recompile it each time the AppPool is started. The user control is never used within SharePoint and therefore serves no real purpose.
Ref: Todd Carter