The text from the painting has been transcribed and translated under the photos of the painting from Lübeck.
Notice the twin towers to the left of the emperor. Some (German) researchers claim, that the city in the background is Lübeck, and that the twin towers belong to Marienkirche (St. Mary's church). According to these researchers, Tallinn never had a double tower.
To make a comparison possible, I present a photo of St. Mary's church in Lübeck.
Personally I can't see how St. Mary's church in Lübeck could be hidden behind a hill, the way the church in the painting is hidden. Most churches lie on the top of a hill, and as a matter of fact St. Mary's (together with the city hall market) are placed on the highest point on the island. As the two photos to the right show, there are no hills to obscure the view of St. Mary's from either side.
The photo to the right is from 1870 and shows very clearly the high location of St. Mary's church as compared to the rest of Lübeck.