It’s annoying that this Microsoft.WebApplication.targets file only comes with Visual Studio, and not with the simple .NET SDK.
In principle, you need to be able to work with a working installation of Visual Studio and copy this file. However, it is not as simple as copying a single file. As you copy more and more things, you are wondering where you cross the line from “repairing your SDK installation” to “re-creating the Visual Studio installation” (and therefore requires a different license).
Thus, installing Visual Studio is the only way to create projects that require Microsoft.WebApplication.targets. Non-web projects work fine.
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