A project %0 that you are attempting to add to source control cannot be added because the item %1 is already under source ...

A project %0 that you are attempting to add to source control cannot be added because the item %1 is already under source control at the selected location.
If you are trying to rebind a project that you have already added to source control outside %2, you should use the Change Source Control command. If you are adding this project for the first time, you should move the existing project to a different server folder.