The journal line you are referring to is benign. It simply means that the setting is included in the network to find out if there was a newer version of the same installer (maintenance mechanism), but it did not find the updated version.
The real problem is that KB3110221 is not applicable. This should only happen if VS Update 1 is not available on your computer. Was your VSUpdate 1 installation successful or unsuccessful?
EricKn
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