Thanks everyone for your replies!

Here is what I have found. If I have just the 32-bit drivers installed, I need to set the Run64BitRuntime to False, or I get an error in the development environment at runtime. If I have both the 32-bit AND 64-bit drivers installed, I can leave Run64BitRuntime = True. Keep in mind I am using a 64-bit operating system.

BIDS on 64-bit OS

http://sqlwithcindy.blogspot.com/2013/03/loading-excel-2007-file-in-ssis-2012-on.html

BIDS on 32-bit OS

http://sqlwithcindy.blogspot.com/2013/03/loading-excel-2007-file-in-ssis-2012.html