What is the class meant to do?
It looks like a custom control with the #DesignerProperty line
If you just want a 'normal' library in your project click
Project>Add New Module>Class Module>Standard Class
Add your code to it
In the 'main' you can test your library by adding in globals
Dim myLibrary As MyNewLibrary
Then you can call initialize etc
When you are happy it all works fine then click
Project>Compile To Library
and the IDE will produce the jar and xml for the library.