To update your project's TFS source control bindings to a new server using Team Explorer follow these steps:
- Go to the source control tab of your project and look under “Source Control Setup” to find the correct server connection instructions
- Load Visual Studio and add the new TFS server to your servers list
- Connect to correct project collection on that TFS server
- Load your local solution and make sure it is online and connected to TFS
- Make sure your local workspace is mapped correctly for the project on the new server
- Open the File Menu in Visual Studio and click on "Change Source Control"
- Bind the solution to the new server