Team Development for Sitecore code generation metadata file not found

In a visual studio solution using Team Development for Sitecore and code generated models, on the project build or manual re-generation the following error was occurring:

ERROR : on line 0 column 0 of file C:\Dev\MyProject\TDS.Master\Code Generation Templates\GlassItem.tt
Compiling transformation: Metadata file 'HedgehogDevelopment.CodeGeneration.Extensions.dll' could not be found

The first step is to ensure that the solution has been opened in administrator mode. If this does not solve the issue then it is likely that the HedgehogDevelopment.CodeGeneration.Extensions.dll DLL is not available to the process.

For visual studio 2015 the DLL needs to be placed in the following folder:

C:\Program Files (x86)\Microsoft Visual Studio 14.0\Common7\IDE

In visual studio 2012 the DLL needs to be placed in the following folder:

C:\Program Files (x86)\Microsoft Visual Studio 11.0\Common7\IDE\PublicAssemblies

The code generation should now work as expected.