Error rendering control while drag and drop People editor (SPcontrol) in Visual Studio

Question

Hi friends,
                   I am in need of creating a (Sharepoint control)people picker control in my class library project.While drag and drop from visual studio toolbox into my class library I am getting this error "Error rendering control, Object reference not set an instance of an object". Kindly help me in this.
 
Thanks & Regards,
Vasantha Kumar M.A